Humanity Protocol, a competitor to Worldcoin, has seen a significant valuation increase reaching $1.1 billion following a successful $20 million funding round led by Pantera Capital and Jump Crypto. Founder Terence Kwok announced plans for the launch of a new crypto token to directly compete with Worldcoin's WLD token.

Humanity Protocol is focused on digital identity solutions and currently holds a fully diluted valuation of $1.1 billion. This recent increase in valuation is attributed to the successful fundraising round with prominent investors such as Jump Crypto and Pantera Capital.

Terence Kwok expressed the company's commitment to providing individuals with ownership over their digital identities, emphasizing trustless and decentralized solutions. Humanity Protocol aims to differentiate itself from World Network by utilizing palm scans for identity verification, avoiding the legal issues faced by Worldcoin involving the collection of biometric data.

With plans to introduce its own token, Humanity Protocol seeks to enhance its competitive position against World Network. The company's strategic use of funds will focus on scaling operations, expanding globally, and establishing partnerships and developer grants. Additionally, Kwok highlighted the positive outlook shared by both Humanity Protocol and World Network towards advancements expected in the crypto market under the current administration.