Humanity Protocol: Redefining Identity Verification with Blockchain

Humanity Protocol has achieved a $1.1 billion valuation after securing $20 million in funding. The identity verification blockchain firm aims to expand its product, which uses palm scans to authenticate real online accounts. The company is also preparing to launch its own crypto token and anticipates growth under pro-business policies.

Humanity Protocol, an identity verification blockchain firm, announced its $1.1 billion valuation as it raised $20 million in a funding round led by Pantera Capital and Jump Crypto. The firm plans to leverage these funds to broaden the availability of its verification system, which utilizes palm scans to confirm the authenticity of online accounts.

Founder Terence Kwok stated that the protocol can prove an individual's humanity without unveiling personal details, thereby tackling issues such as bots, fake accounts, and online fraud. The rise of artificial intelligence has heightened concerns over deepfakes, making digital identity verification increasingly crucial.

Humanity Protocol is nearing the launch of its cryptocurrency token, with the final preparations in progress. Industry experts believe the return of Donald Trump to the White House may bolster the blockchain sector through business-friendly regulation, promoting further investment and innovation in the field.

(With inputs from agencies.)