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Home»ADOPTION NEWS»Humanity Protocol Receives Major VC Funding for Web3 Digital Identity Solution
ADOPTION NEWS

Humanity Protocol Receives Major VC Funding for Web3 Digital Identity Solution

By Crypto FlexsFebruary 28, 20242 Mins Read
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Humanity Protocol Receives Major VC Funding for Web3 Digital Identity Solution
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Humanity Protocol has secured strategic investments from top VCs to advance its mission to create a Sybil-proof digital identity layer for Web3.

Humanity Protocol has emerged from stealth mode to announce a successful funding round, attracting strategic investments from over 20 leading venture capital firms. This funding plan demonstrates industry confidence in Humanity Protocol’s mission to build a Sybil-resistant layer 2 blockchain for digital identity and financial inclusion.

Our innovative approach to digital identity verification protocols leverages cutting-edge palm recognition technology combined with zero-knowledge proofs to ensure user privacy and security. This groundbreaking technology provides a non-intrusive and accessible way to build proof of humanity essential for interacting with Web3 applications while prioritizing user privacy and data security.

“We believe that technology should amplify human potential, not compromise it,” said Terence Kwok, founder of Humanity Protocol. “This funding is not just about building an ecosystem, but nurturing a global movement towards a secure digital future that includes everyone. With this support, we will open up human-centric blockchain to the world and provide privacy to everyone. “It will provide protection for their information – a digital identity they own and control.”

Strategic support from renowned investors

The strategic investment round witnessed contributions from prominent cryptocurrency-based venture capital funds including Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital. These companies bring a wealth of experience and global networks that are critical to protocol expansion. Notably, Founding Humans Yat Siu and Sandeep Nailwal have also personally invested, highlighting their joint efforts to build a more inclusive digital economy.

Strengthen development capabilities and expand adoption

The capital injection will accelerate the development and deployment of the Humanity Protocol. Immediate goals include launching a testnet, inviting users around the world to experience the unique features of the protocol first-hand, thereby improving scalability, efficiency, and user accessibility.

Human hierarchy for an inclusive digital economy

Humanity Protocol’s vision is aligned with its investors’ commitment to fostering an equitable digital economy. The goal of the joint effort is to create a framework that allows every individual to participate in the digital environment through a secure, personal digital identity.

Humanity Protocol’s strategic funding announcement marks a significant moment in the advancement of digital identity solutions. As the company prepares for its testnet launch, the tech community is eagerly anticipating how this innovative platform will redefine privacy, security, and inclusion in the Web3 era.

Image source: Shutterstock

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