Polygon-backed Humanity Protocol has secured strategic investments from over 20 crypto enterprise capital companies for its privacy-centric Web3 id answer. Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital are among the many few crypto VCs that invested in Humanity Protocol, as per a press launch shared with CryptoNews.
The funding is meant to assist the event and deployment of Humanity Protocol’s expertise, which goals to ascertain “Proof of Humanity” inside Web3 functions.
The agency didn’t disclose the whole quantity raised in strategic funding from these crypto VCs.
Humanity Protocol to Scale ZKP-Powered Palm Recognition Tech
Humanity Protocol is constructing on using palm recognition expertise alongside zero-knowledge proofs, aiming to offer a user-friendly and privacy-preserving strategy to digital id verification.
Humanity Protocol believes its privacy-centric digital ID options could have a major influence on how people work together with digital companies, notably within the context of rising issues round synthetic intelligence and knowledge safety.
Terence Kwok, Founding father of Humanity Protocol, said:
“Our core perception is that expertise ought to empower people, not prohibit them. With the assist of those main buyers, we aren’t simply constructing an ecosystem; we’re fostering a motion in the direction of a safe and inclusive digital future for everybody. This funding marks a crucial step in our journey to carry our human-centric blockchain to the world, providing people management over their digital id and prioritizing privateness.”
The secured funds shall be used to speed up the event and adoption of Humanity Protocol, specializing in scalability, effectivity, and consumer accessibility. This consists of getting ready for the launch of their testnet, permitting customers worldwide to expertise the expertise firsthand.
Notably, the fundraise additionally noticed participation from crypto veterans, together with Yat Siu and Sandeep Nailwal.