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Polygon-backed Humanity Protocol Attracts Strategic Investments
Humanity Protocol, backed by Polygon, has recently secured strategic investments from over 20 crypto venture capital firms for its privacy-centric Web3 identity solution. The funding is intended to support the development and deployment of Humanity Protocol’s technology, which aims to establish “Proof of Humanity” within Web3 applications. Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital are among the few crypto VCs that invested in Humanity Protocol.
Investor Details
The firm did not disclose the total amount raised in strategic funding from these crypto VCs. Notably, the fundraise also saw participation from crypto veterans, including Yat Siu and Sandeep Nailwal.
Privacy-Focused Technology Advancements
Humanity Protocol is focused on utilizing palm recognition technology alongside zero-knowledge proofs, aiming to provide a user-friendly and privacy-preserving approach to digital identity verification. This technology is expected to have a considerable impact on how individuals interact with digital services, particularly in the context of growing concerns around artificial intelligence and data security. The firm believes that its privacy-centric digital ID solutions will promote a secure and inclusive digital future for everyone.
Statement from Founder
Terence Kwok, Founder of Humanity Protocol, expressed his vision for the project, stating, “Our core belief is that technology should empower humans, not restrict them. With the support of these leading investors, we are not just building an ecosystem; we are fostering a movement towards a secure and inclusive digital future for everyone. This funding marks a critical step in our journey to bring our human-centric blockchain to the world, offering individuals control over their digital identity and prioritizing privacy.”
Adoption and Development Plans
The secured funds will be used to accelerate the development and adoption of Humanity Protocol, focusing on scalability, efficiency, and user accessibility. This includes preparing for the launch of their testnet, allowing users worldwide to experience the technology firsthand.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
