Humanity Protocol has secured a fully diluted valuation of $1.1 billion after raising $20 million in a funding round co-led by Jump Crypto and Pantera Capital.
The mentioned identity verification blockchain company reported the specified information on Monday, January 27.
Humanity Protocol builds a system that will use palm scans to verify whether online accounts belong to real people. The company intends to use the money received to implement efforts to launch its product more widely in the next few months.
The firm’s founder, Terence Kwok, stated during a conversation with media representatives that the protocol allows people to prove that they are human without revealing personal data. It was noted that this helps to solve problems such as bots, fake accounts, and online fraud.
A fully diluted valuation refers to the total value of a firm if all potential shares and options are issued.
Companies specializing in digital identity verification are expected to gain traction. The corresponding assumption is based on the fact that the development of artificial intelligence provokes increased concerns about deepfakes, which have actually become a tool for committing crimes, including fraud, in a virtual environment. Moreover, scaling up the relevant threat has become a factor in encouraging investors to pay attention to functional solutions that can prevent cybercrime-related activities in the digital space.
Terence Kwok also stated that Humanity Protocol is close to launching its own crypto token.
As we have reported earlier, Nevermined Secures $4M Funding to Develop PayPal-Like AI-Commerce Platform.
