Worldcoin, a global cryptocurrency project co-founded by OpenAI Founder, Sam Altman, has successfully raised $115 million in a Series C funding round. The round was led by Blockchain Capital, a prominent venture capital firm in the blockchain and crypto space.
The funds raised will be allocated to support the development and expansion of WorldCoin’s decentralized World ID which aims to provide a unique digital identity solution, as well as their newly launched cryptocurrency wallet called World App.
WorldCoin, co-founded by Sam Altman, the CEO of OpenAI, and developed by the team behind Tools for Humanity, has a mission to address challenges arising from the increasing complexity of artificial intelligence (AI) in the modern era. One of the key issues it aims to tackle is the concept of proof of personhood, which involves verifying and validating individuals’ identities in the digital realm.
Other participants in the round include Venture capital firms, Andreessen Horowitz, Bain Capital Crypto, and Distributed Global.
“During the age of AI, we need decentralized, privacy-preserving solutions that can prove humanness online and empower people across the world to take control of their identity and finances,” said Akarsh Sanghi, head of product and business operations at Tools for Humanity.
“The additional resources will help us continue to build and launch accessible and inclusive tools and technologies that provide opportunities for everyone in the world to fully participate in the growing digital and global economy.”
Worldcoin, now in its beta version, has successfully on-boarded more than 2 million users, as reported by the company. With the development and testing phase underway, the project is preparing to launch its blockchain protocol in the coming weeks. This milestone will enable the recording of transactions on the WorldCoin network marking a significant step forward for the project.
Earlier in May 2023, the project launched the World App, a gas-free crypto wallet for verified humans that works on Android and iOS operating systems. This currently runs on the Polygon network, enabling users to hold and transfer USD Coin, DAI, Ether, ETH, Worldcoin (WLD) and wrapped Bitcoin (WBTC). By using zero-knowledge proofs, it verifies that the user is human without revealing the underlying data.
The project works with regulated crypto exchanges, MoonPay and Ramp, to offer on and off-ramps within the wallet. Using the wallet, coins can be swapped through a built-in Uniswap integration. The app also enables users to send and receive crypto through their contacts’ phone numbers.
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