Business News Report
July 27, 2023

Animoca Brands to Invest $30M in Web3 Financial App hi for Proof of Human Identity Solution

In Brief

Animoca Brands and web3 financial app ‘hi’ have joined forces to collaborate on web3 initiatives.

As part of the partnership, Animoca Brands will invest $30 million into hi.

Both companies will collaborate to provide developers with a unique-human authentication mechanism through hiP’s Proof of Human Identity (PoHI) solution.

Animoca Brands has signed a Memorandum of Understanding (MoU) with web3 financial app hi for strategic partnership. As part of the partnership, Animoca Brands will invest $30 million into hi.

The two companies will collaborate on a number of web3 initiatives focused on boosting the hi ecosystem, anchored by the hi app, and the hi Protocol (hiP) – a scalable, EVM compatible, Sybil-resistant layer-2 sidechain for Ethereum. hiP offers uses smart contract and blockchain to power global payment services at zero cost.

The partnership will also enable hi users to spend and be rewarded with certain tokens used in the Animoca Brands ecosystem, including SAND, EDU, APE, REVV, GMEE, and others.

In addition, both companies will work to provide developers with a unique-human authentication mechanism through hiP’s groundbreaking Proof of Human Identity (PoHI) solution. While specific details of this collaboration are currently limited, it appears that hi is in pursuit of establishing itself as a prominent global ID and web3 financial system alongside Worldcoin.

Yat Siu, the co-founder and executive chairman of Animoca Brands, said: “We are looking forward to investing in and partnering with hi, which is committed to bridging the gap between the fiat and cryptocurrency worlds. As part of this partnership we will collaborate with hi on its continued development of the hi App and the hi Protocol to drive positive impact for the broader Web3 ecosystem.”

If successful, this PoHI solution could rival Worldcoin’s recently launched World ID, a proof of humanity solution which has raised concerns regarding the project’s iris-scanning device, the Orb. The PoHI solution developed by hiP could also prove that there are other ways to identify unique human beings without having to develop hardware for scanning irises. 

In an interview with Metaverse Post, Akarsh Sanghi, the Head of Product & Engineering at Worldcoin, explained that the Worldcoin team came to the conclusion that they needed to scan irises to avoid false positives and negatives as well as fraud in the system.

“Essentially, the idea is that there is a lot of entropy, which means you can have enough data points to be able to differentiate one person from the other. Otherwise, you have other biometric features, you have enough false positives and false negatives, that after a certain point, you will either reject everyone or you will accept everyone, which you don’t want. You can have a lot of fraud in the system. The team basically did all this R&D and came to the conclusion that they need to use biometrics. And within biometrics, they need to use iris,” Sanghi said.

In 2022, hi announced the world’s first debit card featuring NFT avatar customization, powered by Mastercard. With over 3.5 million users and 1 million KYC-ed users, the first cards are shipping in Q3 2023. Cardholders can personalize their debit card with an NFT avatar they own and use it to spend fiat and digital currencies at over 90 million locations worldwide.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

More articles
Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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