Polygon-backed Humanity Protocol has raised strategic investments from more than two dozen cryptocurrency venture capital firms through its privacy-focused Web3 identity solution. According to a press release shared by CryptoNews, several venture capital funds have invested in Humanity Protocol, including Hashed, CMCC, Cypher Capital, Foresight Ventures and Mechanism Capital.
The funding is intended to enable the development and deployment of Humanity Protocol’s technology, which aims to introduce “Humanity Confirmation” in Web3 applications. The company did not disclose the total amount it has received in strategic funding from these cryptocurrency VC funds.
In order to provide a user-friendly and privacy-protecting approach to digital identity verification, Humanity Protocol relies on the use of hand recognition technology along with zero-knowledge proofs.
Given growing concerns about data security and artificial intelligence, Humanity Protocol expects its privacy-focused digital identity solutions to have a significant impact on how individuals interact with digital services.
Terence Kwok, founder of Humanity Protocol, stated:
“Our core belief is that technology should empower people, not constrain them. With the support of these leading investors, we are not only building an ecosystem; we are supporting the movement toward a secure and inclusive digital future for all. This funding is a key step in our journey to bring our human-centered blockchain to the world, offering individuals control over their digital identities and prioritizing privacy.”
The secured funds will accelerate the development and adoption of the Humanity protocol, focusing on scalability, performance and user accessibility. Preparing to launch a test network that will allow users around the world to experience the technology directly is part of this beginning process.
It is worth noting that cryptocurrency veterans including Yat Siu and Sandeep Nailwal also participated in the funding round.