Sam Altman In Talks To Secure $100 Million In Funding For Worldcoin Project

Updated: 15 May 2023

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On May 15, Financial Times published a report citing sources with knowledge of Worldcoin’s funding talks. It is reported that Sam Altman, one of Worldcoin’s co-founders and the CEO of OpenAI, is close to securing approximately $100 million in funding for the project.

OpenAI chief Sam Altman is close to raising $100 million for his eyeball-scanning Worldcoin crypto project, report says https://t.co/SaaxEua3e9

— Business Insider (@BusinessInsider) May 15, 2023

The project is aimed at creating a collectively owned and globally distributed cryptocurrency. According to the sources, the funding will come from a mix of existing and new investors.

The startup previously raised funds through a Series A funding round led by a16z, with participation from Digital Currency Group, Coinbase Ventures, and other prominent investors. The potential new funding of $100 million is significant, considering the challenging market conditions in the cryptocurrency industry.

Worldcoin was co-founded by Alex Blania, Sam Altman, and Max Novendstern, and work on the project began in early 2020. Its blockchain protocol is set to launch within the next six weeks, following a period of beta testing.

The company also recently introduced its own gas-free crypto wallet, “World App,” for verified humans, emphasizing simplicity as a key feature.

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

Explaining what the wallet can do, Blania said:

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

World App is compatible with both Android and iOS operating systems. It currently operates on the Polygon network, enabling users to store and send various cryptocurrencies such as United States Dollar Coin, Dai (DAI), Ether, Worldcoin (WLD), and Wrapped Bitcoin (WBTC).

The wallet utilizes the project’s unique “World ID” system to differentiate between human users and automated bots. To benefit from gas-free transfers, users are required to register for a World ID by providing either a phone number or undergoing an iris scan.

Worldcoin Global identification system using iris scans

Worldcoin’s ambitious plans involve creating a global identification system through iris scans, enabling users to access a free global currency.

The company’s unique approach aims to address two challenges posed by the increasing sophistication of artificial intelligence: distinguishing between humans and bots and providing a form of universal basic income to offset potential job losses caused by AI.

The company’s key technology is an orb that utilizes iris biometrics to establish an individual’s unique identity, creating a digital World ID that can be used anonymously in various applications without revealing the user’s identity. Users who have established their identity can receive free Worldcoin tokens.

While Worldcoin has attracted investors and attention, it has also faced criticism, particularly regarding the privacy risks associated with biometric scanning.

During an interview with Recode last year, Evan Greer, the deputy director of Fight for the Future, a digital rights organization said:

Once your Social Security number is compromised, you have the option to obtain a new one. Similarly, if your credit card number is exposed, you can easily acquire a new card. However, if a biometric scan of your face is leaked, there is no possibility of obtaining a new face.

Worldcoin asserts that it will not store iris scans and assures users that the device will not harm their eyes.

Despite the challenges faced by the cryptocurrency industry over the past year, Worldcoin continues to draw interest from investors, demonstrating confidence in the project’s potential.

With the upcoming launch of its blockchain protocol, Worldcoin aims to make progress in revolutionizing the cryptocurrency landscape.

Worldcoin’s vision of a fair and equitable global digital currency, distributed to every person, has captured the attention of prominent investors and experts.

The project is still in its early stages but has already garnered significant support, paving the way for its future development and potential impact on the world of finance.