Palm-scanning identity protocol gets funding from over 20 VCs

    2024.02.28 | exchangesranking | 81onlookers

    Humanity Protocol, a project backed by big crypto names like Animoca Brands and Polygon, has announced that it completed an investment round and secured funding from venture capital funds within the crypto space. 

    On Feb. 28, the protocol announced that it secured strategic investments from companies like Hashed, CMCC, Cypher Capital, Foresight Ventures and Mechanism Capital. The protocol said it received significant funding from over 20 crypto-focused venture capital funds but did not mention all of its investors. The protocol also did not disclose the amount it raised from the fundraising round.

    While it did not mention details, the project said that it was developed in collaboration with Animoca Brands and Polygon Labs. The company also highlighted that Animoca Brands’ executive chairman, Yat Siu and Polygon co-founder, Sandeep Nailwal, personally participated in the funding round for the project.

    The project focuses on digital identity for Web3, incorporating palm-recognition technology with Polygon’s zero-knowledge proofs (ZK-proofs). The project claims that it aims to offer a less-invasive alternative to iris scans, seemingly taking a jab at the popular eyeball-scanning project Worldcoin.

    Humanity Protocol founder Terence Kwok said the company believes “technology should amplify human potential, not compromise it.” He highlighted that they are working toward bringing a human-centric blockchain to the world.

    Related: Worldcoin soars 140% in a week as wallet app hits 1M daily users

    Meanwhile, the Worldcoin project, which operates on a similar premise, has been under scrutiny from various authorities worldwide. On July 28, 2023, the French National Commission on Informatics and Liberty questioned the legality of Worldcoin’s data collection methods. On July 31, 2023, it was revealed that Germany’s privacy watchdog had been looking into Worldcoin since 2022. The Kenyan government also suspended the project on Aug. 2, 2023, to ensure it does not pose risks to its citizens.

    More recently, Hong Kong’s Office of the Privacy Commissioner for Personal Data announced an investigation into Worldcoin. On Jan. 31, the PCPD said that it had executed search warrants and entered six Worldcoin premises in Hong Kong as a part of its probe into the project. The privacy watchdog expressed concerns about Worldcoin’s data collection methods, saying that it may be in violation of the region’s Personal Data Ordinance requirements.

    Magazine: Asia Express 3AC’s $700M Worldcoin windfall, China vs the crypto spies: Asia Express

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