OpenAI CEO seeks funding for the Worldcoin project

Updated: 15 May 2023

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The CEO of OpenAI, Sam Altman, is looking for funding for a project known as Worldcoin. Altman is planning to secure $100 million in funding for a project that will create a cryptocurrency that will be collectively owned and distributed globally.

OpenAI CEO in talks for $100M Worldcoin funding

A report by the Financial Times published on May 15 cited sources that knew about the funding talks being organized by Worldcoin. The report said the $100 million funding will be sourced from many existing and new investors.

Worldcoin is a crypto startup project that has garnered much interest from investors. The project closed a Series A funding round led by Andreessen Horowitz’s a16z. Other investors participating in this funding round include Digital Currency Group, Coinbase Ventures, LinkedIn’s co-founder Reid Hoffman, and the former FTX CEO Sam Bankman-Fried.’

After raising $25 million at a $1 billion valuation in October, @worldcoin has now completed its second significant capital raise in roughly six months. The investors for that round included @a16z, Coinbase Ventures, and Digital Currency Group (the parent company of CoinDesk).

— CHASE💀 (@Abrahamchase09) May 12, 2023

In March last year, The Information published a report saying that the company was planning to raise $100 million using a private token sale. However, the recent report said there was much potential in this new funding because of the extended crypto winter and a slight recovery in the crypto market.

However, while the trend across the cryptocurrency market remains bearish, the project has robust fundamentals and has attracted many investors, giving it the potential to make significant gains in the future.

The Worldcoin crypto project

Worldcoin is a project that emerged in early 2020. The co-founders of this project are Alex Blania, Altman, and Novendstern. The project’s executives claim that the objective is to solve two major problems posed by the increased complexity of artificial intelligence.

The Worldcoin project is quite active, as several initiatives are currently underway. The project plans to release a blockchain protocol and record transactions over six weeks. The project has been in operating under a beta phase,

On May 8, the Worldcoin project released its gas-free cryptocurrency wallet that actual humans can authenticate. Tiago Sada, a team member at Worldcoin, said that the cryptocurrency wallet was released to give investors an alternative wallet focused on simplicity.

The release of the World App has also been instrumental for the company. The app aims to enable people to prove their identities online, claim Worldcoin tokens, and process payments globally. The team added that it had engaged in talks globally to configure the app in a manner that was easy for everyone to use.

Introducing World App, the first wallet for @worldcoin.

You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free. pic.twitter.com/dc27Ps0Nsu

— Alex Blania (@alexblania) May 8, 2023

“It’s designed by TFH to be simple, and you can use it to authenticate with World ID to prove you’re a real person, get your Worldcoin tokens, and send digital money anywhere. We’re excited to celebrate this milestone with the Worldcoin community,” the announcement said.

The plans for this funding round also come amid the growing popularity of AI technology. OpenAI propelled AI interest globally by releasing the ChatGPT chatbot, which has become the fastest-growing consumer app in history.

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