Prenetics partners with Humanity Protocol for blockchain-based identity verification, enhancing privacy and security through genomic integration.
Quiver AI Summary
Prenetics Global Limited has announced a partnership with Humanity Protocol to enhance blockchain-based identity verification using its CircleDNA service, which provides decentralized identity solutions through genetic testing. This collaboration aims to establish highly secure and sybil-resistant Proof of Personhood credentials while prioritizing privacy protection with advanced zero-knowledge proof technology. Prenetics is also launching a Crypto Strategic Reserve, investing $1 million in $H tokens and $500,000 in Bitcoin and Solana, to explore blockchain innovations in healthcare. Additionally, Prenetics is advancing decentralized science with its joint venture Insighta, which focuses on AI-driven early cancer detection, backed by a $30 million investment from Tencent. This initiative reflects Prenetics' commitment to combining genomics with blockchain technology to drive innovation in healthcare.
Potential Positives
- Prenetics has formed a significant partnership with Humanity Protocol, utilizing its advanced genetic testing for decentralized identity verification, which enhances its position in blockchain technology.
- The company established a Crypto Strategic Reserve, demonstrating a commitment to digital asset investment and diversification of its balance sheet with a total of $1.5 million allocated to cryptocurrencies.
- Prenetics is advancing decentralized science with a $30 million investment from Tencent in Insighta, focusing on AI-driven early cancer detection, which showcases its commitment to innovation in healthcare.
Potential Negatives
- Investing heavily in cryptocurrencies ($1.5M) introduces financial risk and volatility to Prenetics' stability, which may concern investors.
- The partnership with Humanity Protocol and the focus on blockchain may distract from Prenetics' core competency in genomics and healthcare.
- There may be regulatory and ethical concerns surrounding the use of genetic data for identity verification, which could pose reputational risks for the company.
FAQ
What is the partnership between Prenetics and Humanity Protocol?
Prenetics has partnered with Humanity Protocol to integrate its CircleDNA service for decentralized identity verification using advanced genetic testing.
How does the CircleDNA service enhance identity verification?
The CircleDNA service leverages DNA testing for issuing blockchain-based Proof of Personhood credentials, ensuring secure and sybil-resistant identity verification.
What investments has Prenetics made in cryptocurrency?
Prenetics has invested $1 million in $H tokens, $250,000 in Bitcoin, and $250,000 in Solana as part of its Crypto Strategic Reserve.
What is Prenetics' aim with the Crypto Strategic Reserve?
The Crypto Strategic Reserve aims to fuel innovation at the intersection of blockchain, healthcare, and decentralized science by diversifying Prenetics' asset portfolio.
How is Prenetics involved in early cancer detection?
Prenetics' joint venture, Insighta, focuses on AI-driven early cancer detection, supported by a $30 million investment from Tencent and ongoing clinical trials.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
CircleDNA powers blockchain-based identity verification with Humanity Protocol, valued at US $1.1bn after latest fundraise
Prenetics invests $1.5M in Bitcoin, Solana and H tokens, supported by strong balance sheet
Prenetics advances Decentralized Science (DeSci) with AI-driven early cancer detection, backed by $30M investment from Tencent
CHARLOTTE, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE), a leading genomics and consumer healthcare company, today announced a groundbreaking genomics-based partnership with Humanity Protocol, a decentralized identity verification company. This collaboration leverages Prenetics’ advanced genetic testing capabilities to underpin decentralized identity verification.
Prenetics is bringing its flagship CircleDNA service into Humanity Protocol’s infrastructure as an Identity Validator. This integration enables the issuance of blockchain-based Proof of Personhood credentials, leveraging DNA testing to deliver highly secure and sybil-resistant identity verification. With advanced zero-knowledge proof technology, these credentials ensure robust privacy protection while supporting decentralized applications across finance, healthcare, and governance.
In coordination, and at the root of this partnership, Prenetics has formed a Crypto Strategic Reserve aimed at fueling innovation at the intersection of blockchain, healthcare, and decentralized science (DeSci). As part of the dual initiative, Prenetics is committing initial investments of $1 million in $H tokens, $250,000 in Bitcoin (BTC), and $250,000 in Solana (SOL). These allocations, which will be revisited on a quarterly basis to assess further investment opportunities, introduce the company’s digital asset investment strategy into its corporate balance sheet. Prenetics’ cash and short-term assets balance stood at $84.87 million as of December 31, 2024, reflecting its robust financial position to support these initiatives.
Danny Yeung, CEO and Co-Founder of Prenetics, stated: “Our partnership with Humanity Protocol exemplifies our commitment to merging the precision of genomics with the transformative potential of blockchain technology, particularly with the increasing validity of direct generative based advancements in healthcare. 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.”
Yat Siu, Board Director of the Humanity Foundation and Executive Chairman of Animoca Brands, added: “Prenetics’ entry into the decentralized identity arena as an Identity Validator marks a significant milestone. Their deep expertise in genomics, now combined with an active role in the Web3 ecosystem, is exactly the kind of forward-thinking collaboration that will drive decentralized identity and secure digital interactions into the future.”
On Prenetics’ Crypto Strategic Reserve, Mr. Yeung said: “Our Crypto Strategic Reserve demonstrates Prenetics’ confidence in the unfolding potential of blockchain and digital assets. This initiative not only diversifies our balance sheet and asset portfolio but also reinforces our commitment to a decentralized ecosystem by leveraging cutting-edge technologies to drive cross-industry innovation in healthcare and beyond.”
Advancing DeSci, AI-Driven Early Cancer Detection and Consumer Healthcare
Building on its blockchain and identity initiatives, Prenetics has historically been at the forefront of innovation in decentralized science (DeSci) through its joint venture company, Insighta. Currently advancing through clinical trials, Insighta is dedicated to making AI-driven early cancer detection accessible to millions worldwide. With its $30 million investment from Tencent, Insighta is leveraging Tencent’s advanced AI capabilities to accelerate groundbreaking discoveries in early cancer detection. Complementing this, Prenetics’ consumer health brand, IM8, is making a significant impact in the DeSci space by applying scientific advancements to promote daily health and longevity. Together, these efforts showcase how Prenetics is seamlessly integrating decentralized methodologies, precision genomics, cutting-edge artificial intelligence, and consumer healthcare to redefine innovation in global healthcare.
"Blockchain is creating unprecedented opportunities for innovation across industries," said Yeung. "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."
About Prenetics
Prenetics (NASDAQ:PRE), a leading health sciences company, is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8, a new health and wellness brand, and Europa, one of the largest sports distribution companies in the USA. Our clinical division is led by Insighta, our $200 million venture focused on multi-cancer early detection technologies. Each of Prenetics’ units synergistically enhances our global impact on health, embodying our commitment to ‘enhancing life through science’. To learn more about Prenetics, please visit prenetics.com.
About Humanity Protocol
Humanity Protocol is an innovative decentralized identity solution that employs advanced technologies—ranging from palm recognition to DNA-based testing—to establish robust Proof of Humanity credentials. Its privacy-centric approach ensures sybil-resistant identity verification across various Web3 applications.
About Animoca Brands
Animoca Brands is a global leader in gamification, blockchain, and digital property rights. With a diverse portfolio of over 380 investments in Web3 projects, the company is dedicated to fostering innovation in the metaverse and driving the adoption of blockchain technologies across multiple industries.
Investor Relations Contact:
investors@prenetics.com
PRE@mzgroup.us
Angela Cheung
Investor Relations / Corporate Finance
Prenetics Global Limited
angela.hm.cheung@prenetics.com
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