Foreign media: Humanity Protocol CEO previously founded unicorn company and went bankrupt
2024-05-16 15:02:09
On May 16, Terence Kwok, CEO of Humanity Protocol, a Worldcoin competitor, nearly bankrupted his $1.50 billion smartphone company, burning through investors' $170 million. Terence Kwok founded Tink Labs in 2012. The unicorn company raised hundreds of millions of dollars to provide hotels with smartphones for guests to use during their stay. However, his company started operating at a loss in 2017 due to aggressive expansion policies, roaming fees becoming cheaper and more widespread, and hotels not wanting to pay for the phones he gave away. Eventually, Tink Labs' European division began liquidation in January 2020, followed by bankruptcy proceedings. Last year, Kwok launched Humanity Protocol, a blockchain-based identity verification company that relies on scanning people's palms as a means of identification.
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