The web3 digital identity firm Humanity Protocol raised $30 million in funding, bringing the startup to a $1 billion valuation. 

The venture firm Kingsway Capital led the round, which had additional support from Animoca Brands, Blockchain.com and Shima Capital, Bloomberg reports, adding that Humanity Protocol also raised $1.5 million from "influential crypto figures."

Humanity Protocol aims to launch its own cryptocurrency. Both funding rounds occurred through simple agreements for future tokens (SAFT), in which a developer promises digital assets at a future time in exchange for an upfront investment. The firm intends to use its financing to grow its team of 20 people and bolster partnerships.

Humanity Protocol scans an individual's palm, using an infrared camera, to note the …