Worldcoin rival Humanity Protocol is now valued at $1.1 billion after a $20 million funding round. This round, headed by Pantera Capital and Jump Crypto, will help improve several core services.
In particular, founder Terence Kwok claimed that Humanity Protocol will launch its own crypto token soon, allowing it to compete with the WLD token.
Humanity Protocol Vs Worldcoin
Humanity Protocol is a digital identity firm that launched as a rival to World Network (formerly Worlcoin). The company currently has a fully diluted valuation (FDV) of $1.1 billion.
According to the firm’s latest announcement, this valuation is due to a fundraising round from Jump Crypto and Pantera Capital.
“At Humanity Protocol, we’re committed to empowering individuals with digital identities that are truly their own. This investment from Jump Crypto and Pantera Capital brings us one step closer to realizing a future where trustless, decentralized identity solutions are the norm,” said Terence Kwok, Founder of Humanity Protocol.
The firm has received massive cash investments before this, achieving a $1 billion valuation last May. Humanity Protocol is attempting to use palm scans to verify human identity, a less invasive method than World Network’s iris data.
World (formerly Worldcoin) encountered legal trouble last month when a German court ordered it to delete EU users’ biometric data.
In a recent interview with Reuters, Kwok also claimed that the firm would be launching its own token soon. This would allow Humanity Protocol to compete with World Network along another avenue.
The latter company’s WLD token rose after Trump announced a major US AI investment, but its price has since proved more volatile.
Humanity Protocol gave a few general outlines of how it intends to use this funding moving forward. Pantera Capital has continually espoused a bullish view of the crypto market, and its investment will allow Humanity to scale up its operations and expand its global reach.
The announcement also mentioned outreach efforts like partnerships and developer grants. In his interview, Kwok also noted another trait shared by Humanity Protocol and World Network: both are bullish about a Trump presidency.
He claimed to be “excited to see the new innovations that will be better supported under this administration.” Sam Altman, founder of Worldcoin and OpenAI, has been heavily involved in the new administration.
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