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.

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Author: Landon Manning