CDS Startups Worldcoin, the crypto project led by OpenAI’s CEO, seeks to secure $100 million in Fresh Funding
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Worldcoin, the crypto project led by OpenAI’s CEO, seeks to secure $100 million in Fresh Funding

a16z-backed cryptocurrency project Worldcoin is reportedly

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Worldcoin, The Crypto Project Led By Openai'S Ceo, Seeks To Secure $100 Million In Fresh Funding

Worldcoin, the cryptocurrency initiative that utilizes iris-scanning technology and is led by OpenAI CEO Sam Altman, has not yet exited the beta phase, it is still drawing in investors. According to three sources familiar with the matter, the Financial Times has stated that Worldcoin is currently engaged in “advanced discussions” regarding a new funding round worth approximately $100 million.

Worldcoin, the crypto project led by OpenAI’s CEO, seeks to secure $100 million in Fresh Funding

Worldcoin, The Crypto Project Led By Openai'S Ceo, Seeks To Secure $100 Million In Fresh Funding

Despite being in beta, Worldcoin, a cryptocurrency project led by OpenAI CEO Sam Altman and using iris-scanning technology, is continuing to attract investors.

According to the Financial Times, the project is in advanced discussions for a new round of funding worth about $100 million, with both new and existing investors supporting it. In the previous round, venture capital firms Andreessen Horowitz (a16z) and Khosla Ventures invested in Worldcoin, valuing the project at $3 billion.

The project, which closed a $25 million Series A funding round led by a16z in October 2021, is reportedly preparing for an official launch within the next six weeks.

About Worldcoin

Worldcoin, The Crypto Project Led By Openai'S Ceo, Seeks To Secure $100 Million In Fresh Funding

Worldcoin is a global digital currency project co-founded by Sam Altman, a former president of Y Combinator and a prominent entrepreneur. Its aim is to distribute the digital currency to everyone in the world in a fair and equitable manner, creating the world’s largest identity and financial network as a public utility that gives ownership to everyone.

To achieve this goal, the project uses a proof-of-personhood protocol that involves biometric scanning of the recipient’s irises, verified against a government-issued ID to confirm their identity. This ensures that each token is distributed to a unique person.

Recently, the project announced that its World App wallet and World ID, a privacy-focused decentralized identity protocol, will migrate from Polygon to Ethereum’s layer-2 scaling solution Optimism in partnership with Optimism Collective.

Worldcoin, The Crypto Project Led By Openai'S Ceo, Seeks To Secure $100 Million In Fresh Funding

With more than 1.6 million sign-ups in beta and 500,000+ monthly active World App users, the deployments on OP Mainnet will expand access and help Worldcoin reach a values-aligned ecosystem of developers and users

Worldcoin Foundation

Despite being in the early stages of development, Worldcoin has already received criticism from Edward Snowden, a former National Security Agency (NSA) contractor who leaked classified information.

Snowden raised ethical concerns about using the human body for a cryptocurrency project and expressed worry that the project plans to create a global database of people’s iris scans, which will be stored as hashes.

To access more startup news: cryptodataspace.com

Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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