"Humanity Protocol Raises $20M, Led by Pantera and Jump, to Fight Web3 Fraud with Palm Scans"

Humanity Protocol Secures $20 Million in Funding, Led by Pantera Capital and Jump Crypto

Blockchain identity platform Humanity Protocol has raised $20 million in a strategic funding round, led by Pantera Capital and Jump Crypto. The round values the company at $1.1 billion, fully diluted.

The funding will support the development of the Proof of Humanity protocol, which links users' palms to their digital identity across Web3 platforms. The protocol aims to address issues such as bots, fake accounts, and online fraud by verifying that online accounts belong to real people.

Humanity Protocol's founder, Terence Kwok, stated that the protocol allows users to prove their humanity without revealing personal details. He also mentioned that the company is planning a token airdrop in partnership with OKX Wallet and expects to launch its mainnet soon.

Kwok also highlighted the importance of biometric identification in driving Web3 adoption and integration with financial services. He noted that Humanity Protocol's palm scans are less invasive than World Network's iris scans, making them more appealing to users.

World Network, formerly Worldcoin, has faced scrutiny from data protection authorities in Germany and Brazil. The company has been reprimanded for mishandling biometric data and barred from servicing locals in Brazil.

Despite the controversy surrounding World Network, biometric verification is considered an important driver of Web3 adoption and integration with financial services and healthcare. Sebastian Rodriquez, chief product officer of Privado ID, emphasized the importance of consent in privacy and cautioned against equating privacy with anonymity.

Rodriquez praised World Network's technology but questioned its business model. He warned that if World Network succeeds in becoming the de facto way to prove uniqueness on the internet, it could lead to a monopoly and potential privacy concerns.

Humanity Protocol's funding round is a significant milestone for the company and the broader Web3 ecosystem. The investment from Pantera Capital and Jump Crypto reflects the growing interest in decentralized identity solutions and the potential of biometric identification in driving Web3 adoption.