Decentralized identity project Humanity Protocol has closed a $20 million funding round, raising its valuation to $1.1 billion.

The funding round was co-led by Pantera Capital and Jump Crypto, according to an emailed announcement.

The project last raised $30 million at a $1 billion valuation in May 2024

Humanity plans to use the new capital to accelerate the development of its Proof of Humanity consensus mechanism and integrate it into leading Web3 platforms.

The protocol, which uses palm scans to verify identity, aims to rival OpenAI founder Sam Altman’s Worldcoin project, which is built around scanning users’ irises.