OpenAI CEO Sam Altman’s Worldcoin project has reportedly secured $100 million in new funding. Worldcoin is Altman’s planned biometric verification cryptocurrency.
worldcoin it also introduced a new crypto wallet last month called World App.
$100 Million Funding Allegedly Secured for Worldcoin Launch
Secure $100 million in funding from Altman prior to the launch of worldcoin It is no small feat, considering that it comes at a time of testing in the cryptocurrency markets. Securing such large funding is believed by many to be a feat in itself, given the prevailing market conditions.
“It’s a bear market, a crypto winter. It is remarkable that a project in this space gets this amount of investment.”
The turmoil prevailing in the crypto space was acknowledged by Ripple’s head of payment products, Brendan Berry, who stated:
“What happened through 2022 was a lot of layoffs, businesses going under, and consumer losses. We are coming out of that period with a healthy skepticism separating what was a lot of hype and speculative investment that fueled bull market activity from real companies and technologies that solve real customer problems.”
worldcoin was founded in 2019 by Alex Blania and Altman. The project aims to use eye scanning technology to launch a global identification system that would allow everyone in the world to access cryptocurrencies. worldcoin has been quietly working on various cryptocurrency-related products since its inception. However, the company has been in the shadow of Altman’s other project, OpenAI.
The Worldcoin crypto wallet
The financing announcement comes on the heels of a major product launch by worldcoin. The company introduced a new crypto wallet called World App. According to the company, World App will help expand the availability of global finance and digital identity. The wallet is specifically designed for the Worldcoin ecosystem and can be used to authenticate a user’s identity via World ID. Wallet users can also receive tokens from worldcoin and send digital currencies to users around the world. World ID acts as a digital passport, allowing users to prove their identity as a unique individual without sacrificing their privacy and anonymity by divulging excessive personal information. In a blog post, Worldcoin talked about World App, stating:
“World App is a different kind of wallet. It does not support all of the tokens or functionality that Crypto has to offer, and it does not expose all possible configurations. Instead, it is designed by TFH [Tools for Humanity] to focus on a handful of key functionality for Worldcoin and Ethereum to keep things simple and familiar for anyone to use.”
Biometric verification of the project
As a last resort, worldcoin it aims to incorporate some sort of biometric verification standards that are common and in power with banking apps for the larger crypto ecosystem. Until now, crypto wallets need to catch up when it comes to biometric verification and its implementation. The company behind the project, Tools for Humanity, aims to keep cryptocurrency accessible and private. These do not need any identification numbers or official documents for transactions. With worldcoinAltman hopes to introduce a stronger level of user verification, one that relies on biometric authentication.
To achieve this goal, Worldcoin has developed a biometric imaging service called “The Orb”. Unlike traditional finance, however, The Orb does not link biometric profiles to other identifying factors. Instead, The Orb is used as a way to simply verify humanity. All captured data is recorded in Polygon networks. However, it is not linked to other information, such as usernames, etc.
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