Prenetics integrates CircleDNA with Humanity Protocol for blockchain identity verification and invests $1.5M in crypto assets, marking its significant Web3 entry.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Prenetics Global Limited, a Nasdaq listed healthcare company, has officially joined the crypto bandwagon through a strategic partnership with Humanity Protocol, a Web3 focused identity verification firm.
According to an official press release, the collaboration will see Prenetics integrate its flagship product “CircleDNA” into Humanity Protocol’s infrastructure as an Identity Validator. This integration aims to support blockchain-based Proof of Personhood credentials, leveraging DNA testing to enhance security and prevent Sybil attacks—a type of fraud where individuals create multiple identities to manipulate systems.
This marks the first time Humanity Protocol will incorporate DNA testing to enhance identity verification in Web3. Until now, the company—which recently reached a $1.1 billion valuation following its latest fundraising in January—has relied on biometric technology and zero-knowledge proofs (ZKs) for identity verification.
By shifting to DNA-based authentication, Humanity Protocol can ensure each individual has a unique and verifiable identity, significantly reducing the risk of identity fraud.
Commenting on the partnership, Danny Yeung, CEO and Co-Founder of Prenetics said that through CircleDNA, the company will offer privacy-centric identity solutions that will benefit the entire Web3 economy.
“Through our CircleDNA service, we will provide secure, privacy-focused identity solutions that not only benefits decentralized applications across finance, healthcare, and governance but also paves the way for a strategic framework that permits Prenetics to integrate and capitalize on digital assets,” said Danny Yeung, CEO and Co-Founder of Prenetics.
Beyond the CircleDNA integration, Prenetics is deepening its involvement in the crypto economy by establishing a Crypto Strategic Reserve. As part of this initiative, the company has added Bitcoin BTC $84 441 24h volatility: 0.8% Market cap: $1.68 T Vol. 24h: $26.00 B , Solana SOL $130.7 24h volatility: 0.3% Market cap: $67.49 B Vol. 24h: $4.10 B , and $H tokens to its corporate balance sheet for the first time.
According to the announcement, Prenetics currently holds $1 million in $H tokens, $250,000 in BTC and $250,000 in SOL.
Prenetics plans to reassess its crypto allocations quarterly, exploring further investment opportunities in the industry while refining its digital asset investment strategy. As of December 2024, the company’s cash and short-term asset balance stood at $84.87 million.
While the partnership with Humanity Protocol marks Prenetics’ most direct entry into the crypto space, it is not the company’s first interaction with blockchain technology. Through its subsidiary, Insighta, the firm has already made significant strides in the decentralized science (DeSci) sector.
As per the press release, Insighta is currently using the blockchain to develop an AI-driven early cancer detection, aiming to make advanced healthcare solutions accessible to millions worldwide.
Yeung believes blockchain technology is revolutionizing multiple industries, from identity verification to healthcare innovations. He sees the public ledger as a driving force for groundbreaking advancements in different fields.
“Blockchain is creating unprecedented opportunities for innovation across industries […] By merging the rigor of genomics with digital innovation, we are forging a path toward a future where secure identity verification and groundbreaking healthcare solutions go hand in hand,” Yeung said.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
