Altman blockchain rival Humanity Protocol hits $1.58b valuation
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The news: Humanity Protocol, a blockchain-based identity verification firm, has achieved a USD1.1 billion ($1.58 billion) valuation after closing a USD20 million funding round co-led by Pantera Capital and Jump Crypto.
The company employs palm scans to verify online accounts, addressing issues such as bots, fake accounts and online fraud without disclosing personal data.
The funds will support the protocol's wider rollout and the launch of its crypto token, with final preparations underway, founder Terence Kwok told Reuters.
The context: Startups in the crypto and blockchain sectors expect renewed interest following Donald Trump's return to the White House and his promises to support the industry and to reduce regulatory burdens.
Humanity Protocol's approach positions it as a competitor to Worldcoin, co-founded by OpenAI CEO Sam Altman, which uses iris scans for identity verification.
The raising follows a previous USD30 million funding round in May 2024, which valued the firm at USD1 billion.
What they said: "The protocol allows people to prove they are human without revealing personal details. This helps solve problems like bots, fake accounts and online fraud," Kwok said.
"I'm excited to see the new innovations that will be better supported under this administration. A pro-business environment could accelerate the development of blockchain-based solutions and attract investment," he added.
The sources: Humanity Protocol post , Reuters
