Polygon-backed Humanity Protocol has secured strategic investments from more than 20 crypto venture capital firms for its privacy-focused Web3 identity solution. Hashed, CMCC, Cypher Capital, Foresight Ventures and Mechanism Capital are among the few crypto VCs that have invested in the Humanity Protocol, according to a press release shared with CryptoNews.
The funding is intended to support the development and deployment of the Humanity Protocol technology, which aims to establish “Proof of Humanity” within Web3 applications.
The company did not disclose the total amount of strategic funding raised from these crypto VCs.
Humanity Protocol for scaling ZKP-powered palm recognition technology
Humanity Protocol builds on the use of palm recognition technology alongside zero-knowledge proofs, aiming to provide an easy-to-use and privacy-protective approach to digital identity verification.
Humanity Protocol believes its privacy-focused digital ID solutions will have a significant impact on the way individuals interact with digital services, especially in the context of growing concerns around artificial intelligence and data security.
Terence Kwok, founder of the Humanity Protocol, stated:
“Our core belief is that technology should empower people, not limit them. With the support of these leading investors, we are not just building an ecosystem; we promote a movement towards a secure and inclusive digital future for all. This funding marks a critical step in our journey to bring our people-centric blockchain to the world, putting individuals in control of their digital identities and prioritizing privacy.”
The secured funds will be used to accelerate the development and adoption of the Humanity Protocol, focusing on scalability, efficiency and user accessibility. This includes preparing for the launch of their testnet, allowing users around the world to experience the technology first-hand.
It is notable that crypto veterans also participated in the fundraising, including Yat Siu and Sandeep Nailwal.