VeryAI Raises $10M to Build Palm-Scan ID System on Solana
The crypto industry is looking for new ways to protect users as artificial intelligence makes it easier to create fake online identities. Recently, startup VeryAI raised $10 million to build a system that helps crypto platforms detect AI-generated accounts. The funding round was led by Polychain Capital, and the project will run on the Solana network. As AI tools grow more advanced, many companies now see identity verification as a key part of keeping crypto platforms safe.
VeryAI Plans Palm-Scan Identity System
First, VeryAI plans to introduce a palm-scan system that proves a real person is behind a crypto account. In simple terms, a user scans their palm, and the system creates a unique digital record linked to the blockchain. Then, crypto platforms can use that record to confirm the account belongs to a real human.
Because the system runs on Solana, verification could happen quickly and at a low cost. As a result, exchanges and decentralized apps may be able to check accounts without slowing down their platforms.
At the same time, the need for tools like VeryAI is growing. AI programs can now create fake profiles and operate large networks of bots. Therefore, crypto companies worry that scammers could use these tools to trick users or manipulate markets.
Polychain Capital Leads Funding
Meanwhile, the funding round shows strong investor interest in identity tools for crypto. Polychain Capital led the $10 million investment in VeryAI, signaling confidence in the project’s idea.
Investors believe that identity systems could play a bigger role as the industry grows. For example, exchanges may need stronger checks to stop bot accounts and automated scams. Because of this, projects like VeryAI aim to build tools that help platforms confirm real users.
Furthermore, blockchain networks can store proof that a person has verified their identity without sharing too much data. This approach could make systems both secure and easier to use.
VeryAI Sparks Debate Over Privacy
However, the idea of biometric checks has also sparked debate. On one hand, some users support tools like VeryAI because they could reduce scams and fake accounts. In fact, stronger identity checks may help platforms stop deepfake attacks and automated fraud.
On the other hand, many crypto users worry about privacy. Crypto has long promoted anonymity and user control. Because of this, some people feel uncomfortable linking biometric data, such as palm scans, to blockchain systems.
Even so, the debate highlights a larger challenge. The crypto industry must balance security with privacy as AI technology evolves. For now, VeryAI has placed itself at the center of that conversation while trying to solve one of crypto’s newest security problems.
The post VeryAI Raises $10M to Build Palm-Scan ID System on Solana appeared first on Coinfomania.
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