Worldcoin’s innovative approach to identification and universal basic income gains investor support.
According to Financial Times report, OpenAI co-founder Sam Altman has secured around $100 million in funding for his new global cryptocurrency, Worldcoin. The funding comes as the company prepares to launch its new iris-scanning technology that creates a secure global identification system, providing free access to Worldcoin.
Worldcoin is in advanced talks with both existing and new investors, including Khosla Ventures, Andreessen Horowitz’s crypto fund, and FTX founder Sam Bankman-Fried, among others. The company’s total supply of tokens is valued at $3 billion.
Worldcoin’s Innovative Approach
Worldcoin’s approach tackles two problems raised by the increasing sophistication of artificial intelligence: distinguishing between humans and bots, and providing a form of universal basic income that might offset job losses caused by AI.
The company plans to use the iris biometric technology to establish an individual’s unique personhood and create a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity. Worldcoin tokens can be obtained for free by users after they have successfully established their identity.
Despite concerns over privacy, Worldcoin executives assert that the device will not store iris scans and will not harm users’ eyes.
Investor Support in a Difficult Market
The cryptocurrency industry has had a challenging year, making the $100 million funding for Worldcoin all the more significant. The collapse of FTX, a cryptocurrency exchange backed by venture capital fund Sequoia Capital, Tiger Global Management, and Thoma Bravo, in November last year accelerated the decline in token prices and caused a wave of cryptocurrency company failures.
Worldcoin’s Low Profile
While OpenAI, the creator of ChatGPT, made headlines for its multibillion-dollar deal with Microsoft earlier this year, its subsidiary Worldcoin has remained relatively low-key. Founded by Sam Altman and Alex Blania in 2019, Worldcoin has grand ambitions to establish a global identification system using eyeball-scanning technology and launch its own global cryptocurrency.
The startup has been running in beta, but is now preparing to roll out its blockchain system and start logging transactions in the following six weeks. Regarding the fundraiser, Worldcoin declined to comment.
In conclusion, Worldcoin’s innovative approach to identification and universal basic income has gained investor support in a difficult market for the cryptocurrency sector. With $100 million in funding, the company is set to launch its new iris-scanning technology and roll out its blockchain protocol in the coming weeks.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
