Sam Altman’s Worldcoin secures $115M for decentralized ID
Funds will be used to support the decentralized World ID and the recently released crypto wallet World App. VC firms A16z Crypto, Bain Capital Crypto, and Distributed Global are investors in the round.
Crypto project Worldcoin has reportedly raised $115 million in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released crypto wallet, World App.
Co-founded by OpenAI’s CEO Sam Altman and built by developers of Tools for Humanity, Worldcoin aims to tackle problems stemming from the growing complexity of artificial intelligence, such as proof of personhood, in the digital age. Venture capital firms Andreessen Horowitz, Bain Capital Crypto, and Distributed Global are also investors in the round.
“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. 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,” Akarsh Sanghi, head of product and business operations at Tools for Humanity, told Cointelegraph in a statement.
Currently available in beta version, Worldcoin has already onboarded over 2 million users, according to the company. It is preparing to launch a blockchain protocol and begin recording transactions in the next few weeks.
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In early May, the project launched the World App, a gas-free crypto wallet for verified humans that works on Android and iOS operating systems. It currently runs on the Polygon network, enabling users to hold and transfer USD Coin (USDC), Dai (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.
Worldcoin has partnered 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.
According to Worldcoin’s website, its WLD token is not available in the United States and some other countries.
Founded in 2019, Worldcoin’s Series A funding round was led by Andreessen Horowitz, as well as Digital Currency Group and Coinbase Ventures. Former FTX CEO Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman were also investors.
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