Blockchain ID Humanity Protocol has reached a new milestone in its development, achieving unicorn status with a $30 million fundraising round. The sum was raised in a funding round led by Kingsway Capital, with participation from investors including Animoca Brands, Blockchain.com, Hashed and Shima Capital.
A new stage for the Blockchain ID Humanity Protocol
The Blockchain ID Humanity Protocol is a decentralized identification platform that uses blockchain technologies to verify users’ identities. The platform was designed to solve the problem of online identity verification, which has become a major challenge with the emergence of artificial intelligence and deepfakes.
Fund raising
The $30 million fundraising was used to finance the development of the platform and to recruit new employees. Blockchain ID Humanity Protocol has also used this unicorn sum to launch a public testnet, which is expected in the second half of 2024.
The company’s vision
Blockchain ID Humanity Protocol founder Terence Kwok said the platform is designed to solve the problem of online identity verification in a more secure and less invasive way. He also stressed the importance of online identity verification, especially in a context where artificial intelligence and deepfakes can simulate identities.
Competition
Blockchain ID Humanity Protocol competes with other identification platforms such as Worldcoin, which uses orbits to scan users’ eyes. However, Blockchain ID Humanity Protocol is considered more secure and less invasive than Worldcoin, as it uses palm scans to verify users’ identities.
