The blockchain startup Worldcoin raised $115 million in a Series C investment, which was headed by Blockchain Capital. Support for its decentralized World ID and recently announced crypto wallet, World App, will be provided with the help of the funds.
Sam Altman, CEO of OpenAI, and the creators of Tools for Humanity co-founded Worldcoin to solve difficulties like the digital age proof of personhood that are a result of the complexity of artificial intelligence. The round also includes investments from venture capital companies Andreessen Horowitz, Bain Capital Crypto, and Distributed Global.
According to Akarsh Sanghi, head of product and business operations at Tools for Humanity, “In the era of AI, we want decentralized, privacy-preserving technologies that can enable individuals everywhere to take charge of their identity and money, demonstrate their humanity online, and show their humanity offline.”
He added, “The additional resources will help us continue to build and launch inclusive and accessible tools and technologies that give everyone in the world the chance to fully participate in the expanding global and digital economy.”
Over 2 million users have already signed up for Worldcoin, which is now only accessible in beta. Blockchain technology is almost ready to go live, and in a few weeks, transactions will start to be recorded.
The project unveiled The World App in early May, a verified human-only gas-free crypto wallet that works on both Android and iOS. It presently operates on the Polygon network and allows users to hold and transfer wrapped Bitcoin, Worldcoin, Ether, and USD Coin. It confirms that the user is human without disclosing the underlying data by applying zero-knowledge proofs.
To provide on- and off-ramps within the wallet, Worldcoin has collaborated with authorized cryptocurrency exchanges MoonPay and Ramp. Coins may be exchanged using the wallet thanks to the built-in Uniswap integration. Additionally, users of the program may transfer and receive cryptocurrency using the phone numbers of their contacts.
The WLD token from Worldcoin is reportedly unavailable in the United States and certain other nations, according to the company’s website.
Worldcoin was founded in 2019, and Andreessen Horowitz, along with Digital Currency Group and Coinbase Ventures, led the Series A fundraising round. Sam Bankman-Fried, a former CEO of FTX, and Reid Hoffman, a co-founder of LinkedIn, were also investors.