How Humanity Protocol CEO drove his previous firm to insolvency
The CEO of Humanity Protocol , a reported $1 billion ‘ Worldcoin rival’ that’s raised $30 million, almost bankrupted his $1.5 billion smartphone firm, burning through $170 million in investor funds. Terence Kwok founded Hong Kong-based Tink Labs in 2012. The Unicorn company raised millions in funding to provide hotels with smartphones for guests to use during their stay. His goal was to give guests an alternative to roaming charges, improve their hotel experience, and sell gathered data on customer preferences. However, the Financial Times (FT) reports that his firm began to operate at a loss of £9.06 million in 2017. This was reportedly due to multiple factors, including his policy of aggressive expansion, roaming charges becoming cheaper and more accessible, and hotels not wanting to pay for the phones he had given out. Terence Kwok’s Tink Labs liquidated According to a former employee, Tink Labs investor SoftBank forced it to abruptly stop a major project over concerns ...