The CEO of OpenAI, Sam Altman, has successfully secured $115 million in a Series C funding round for a cryptocurrency project, Worldcoin. Blockchain Capital led the funding round, with other investors like a16z, Bain Capital Crypto, and Distributed Global participating as well. The project, currently in its beta phase, is centered around the Worldcoin token and the decentralized World ID.
Having already garnered the interest of nearly two million people, the Worldcoin project clearly holds significant appeal within the cryptocurrency industry. The funds raised in the recent round will largely be used to enhance research, growth, and developmental efforts for both the Worldcoin project, and the World App—the first cryptocurrency wallet created for the Worldcoin ecosystem.
Worldcoin aims to distribute its crypto token to its target users based on their status as unique individuals. To do so, the project will use a device to scan a user’s iris in order to verify their identity before dispensing tokens. Tools for Humanity, the company driving the Worldcoin project, managed to raise $115 million despite the current crypto bear market affecting venture capital investments.
Alex Blania, CEO, and co-founder of Tools for Humanity, stressed the importance of maintaining personal privacy while also proving one’s humanness as the age of AI unfolds, ensuring that everyone can realize the financial benefits AI can deliver.
However, the Worldcoin project has also faced criticism due to perceived privacy risks. Former US intelligence contractor Edward Snowden previously condemned the project for its cataloging of eyeballs, a practice he deemed unwise. Additionally, questions have arisen over the safety and privacy of the collected information in the wake of reports that black markets offering access to KYC verifications for the World App have surfaced on Chinese social media and ecommerce platforms.
Worldcoin confirmed the existence of such practices online but assured that no sensitive data had been accessed by unauthorized parties. The company is also monitoring the situation closely, staying vigilant regarding potential threats. It was discovered that individuals received incentives for registering verified World IDs, which were later delivered to third-party-owned World Apps.
This funding round comes as OpenAI has captured the industry’s attention with the release of its ChatGPT tool. As interest regarding artificial intelligence continues to grow, many have called for the regulation of the sector.
Related:
– Why Coinbase-backed Worldcoin is Unlikely to Succeed
– Sam Altman’s Worldcoin Introduces App for Eyeball-Scanning Crypto Project
Source: Cryptonews
