Humanity Protocol Raises $30M at $1B for Decentralized Identification to Rival Worldcoin

While Worldcoin's technology is based on iris scans, Humanity Protocol uses palm prints.

AccessTimeIconMay 15, 2024 at 3:17 p.m. UTC
Updated May 15, 2024 at 3:20 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now
  • Humanity Protocol, which uses palm scans for identify verification, raised $30 million and was valued at $1 billion.
  • The cash will fund hiring and development costs, with a testnet release planned for the second half.
  • Blockchain for Europe Secretary General on State of Global Crypto Regulation
    09:45
    Blockchain for Europe Secretary General on State of Global Crypto Regulation
  • Aptos' APT Token Down 52% in April After Booming March: VanEck
    01:08
    Aptos' APT Token Down 52% in April After Booming March: VanEck
  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • Humanity Protocol, a zero-knowledge decentralized identity project looking to compete with Worldcoin, said it was valued at $1 billion in a seed funding round led by Kingsway Capital.

    The $30 million round, which follows a $1.5 million investment from a combination of angel investors and key opinion leaders in early March, included Animoca Brands, Blockchain.com and Hashed among others, the team said in a post on Medium.

    The protocol uses palm scans and a consensus mechanism it calls Proof of Humanity to uniquely verify a user's identity within a decentralized system. Worldcoin, co-founded by Sam Altman, has similar aims and went live last July using a specialized iris-scanning tool. That piqued the interest of several privacy regulators, including those of France, the U.K. and Kenya.

    "Proof-of-Personhood is a powerful concept but the solutions that exist today haven't seen adoption because onboarding is invasive and high friction." founder Terence Kwok said in the post. "We're creating a decentralized identity protocol that solves verifiable uniqueness and humanity in a way that protects user privacy and self-ownership of data.”

    The team at Humanity Protocol plans to use the funds for hiring and product development. A public testnet launch is planned for the second half.

    Edited by Stephen Alpher.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.