Worldcoin Developer Raises $115M For A Series C Funding Round

Updated: 25 May 2023

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Tools for Humanity, the team behind the Worldcoin cryptocurrency project, has confirmed that it has raised $115 million in a Series C funding round. The funding round was led by Blockchain Capital.

Worldcoin developer raises $115 million in funding

The development comes after earlier reports in February had said that the Worldcoin project was planning to raise up to $120 million worth of funding. At the time, people with close knowledge of the matter had said that the funding would have increased the project’s valuation to $3 billion. However, the company is yet to disclose its valuation after the closure of the fundraiser.

Worldcoin is a project by Tools for Humanity. The project was co-founded by Alex Blania, Max Novendstern, and the co-founder of OpenAI, Sam Altman. The goal of this funding round is to support the growth of the Worldcoin project.

The project is currently working on the creation of a cryptocurrency project that has a global reach. The project will be available to those that have verified that they are a real person. The main goal behind this project is to be scanned by one of the orbs owned by Worldcoin.

The Worldcoin project is currently working on the release of the Worldcoin token. Representatives from the company have previously said that the launch of this token is slated to happen during the first half of the year.

The new funding directed towards this project will go towards developing World App that was released recently. World App is a wallet that is dedicated to the Worldcoin ecosystem. Part of the funding will also go towards research and development and growth.

Besides Blockchain Capital, which has around $2 billion under management, the other investment companies that participated in the funding round include a16z Crypto, Bain Capital Crypto and Distributed Global.

The CEO and co-founder of Tools for Humanity, Alex Blania, said,

As we embark on the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanness. In doing so, we can help ensure that everyone can realize the financial benefits that AI is poised to deliver.

The Worldcoin project is gaining momentum

The Worldcoin website has 1.7 million people, and the majority of these people are located in the Global South. These individuals have had their identities verified, and they are ready to claim their World token when it has been launched.

The project attracted much criticism when it was first released. The criticism was from privacy advocates who attacked how the company collected user information. Recently, the developers were forced to launch fresh tactics to combat the rise of a black market for credentials gotten from Worldcoin.

The momentum has continued to build for this project despite the criticism. In March, Worldcoin partnered with the Jabil manufacturing company to boost production for iris-scanning orbs. World app will be launching in May, and the capital raised from the recent funding round will support the release of the token.

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