Humanity Protocol Gathers Funds From 20 VCs; Funding Slips in 2023

Humanity Protocol, a privacy-preserving biometric palm recognition technology for Web3 identity verification, has secured funding from 20 leading venture capital funds in the crypto market. 

Hashed, CMCC, Foresight Ventures, Cypher Capital, and Mechanisms Capital have led the investment round. However, the funding received from different venture capital remains undisclosed. 

Over the funding round, the Chief Executive Officer of the Humanity Protocol, Terence Kwok, said, “In the heart of the Humanity Protocol lies a profound belief that technology should amplify human potential, not compromise it.” 

Kwok adds, “With the support of our visionary partners, we are not just developing an ecosystem; we are nurturing a global movement towards an inclusive, secure digital future. This funding marks a significant milestone in our journey, enabling us to bring our human-centric blockchain to the world, ensuring privacy and empowering individuals across the globe with a digital identity that they control.”  

Crypto Funding 2018- 2023 Quick Recap 

Compared to 2022, the number of funds and crypto projects that raised funds has fallen slightly. Only 1175 crypto projects raised funds in 2023, and the total amount that was granted to the firms by the investors was $9,068,826,922. 

In 2021, the crypto project received the most funding compared to any other year from 2018 to 2023. NYDIG received $1 Billion in funding in 2021, the most significant of that year.  

nChain secured $570 Million in funding in 2023, the highest amount any firm secured in that year, followed by Phoenix Group, Ramp, Metaco, Wormhole, Swan, LINE NEXT, and many others. 

In the past 365 days, Hashkey Capital has participated in several crypto funding rounds and has funded 49 projects in this duration; OKX Ventures has invested funds in 40 startups, and DWF Labs invested in 39 projects. 

The list of Web3-led investors powered by RootData includes the name of 1kx, which has invested in 108 projects, ABCDE Capital 24 projects, Alliance DAO 128 projects, Amber Group 46 Projects, and Andreessen Horowitz. 

Entire Market Overview 

In 2023, the crypto market was not responding as it is performing at the moment; a shift in the gear in the trading price is seen in almost every crypto coin/token. The market capitalization has crossed the milestone of $2 Trillion, and as of writing, it was $2.20 Trillion. 

According to the data available on TradingView, the market cap of the entire crypto industry has grown more than 50% in the past three months. Bitcoin, the cryptocurrency leader, has crossed the much-awaited resistance of $55k; at the time of publication, it was trading at $57,052. 

Ethereum(ETH), the second most discussed crypto of the market, has also grown in the past few weeks, and as of writing, it was trading at $3,201. Market observers claim that the spike in ETH price is backed by its yet-to-be-approved spot ETF. 

Similarly, for the growing price of Bitcoin, the claimed reason behind its growth is the approved BTC spot ETF and the 4th Bitcoin halving, which is supposed to occur in April 2024.  

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.