Sam Altman’s crypto initiative, Worldcoin, has raised $115 million in a Series C funding round.
Blockchain Capital and Tools for Humanity (TFH), which Altman co-founded, are among the backers, along with a16z crypto, Bain Capital Crypto, and Distributed Global.
Worldcoin aims to tackle the problems of complexity in artificial intelligence.
Altman is the founder of the Microsoft-backed company OpenAI. Elon Musk previously sat onthe board for the company.
The new digital currency comes after the collapse FTX as the cryptocurrency space looks to regain its popularity.
The new funds are expected to support the expansion of the Worldcoin project and the further enhancement of the World App, a wallet tailored for the Worldcoin ecosystem.
“Worldcoin’s unique crypto distribution approach could capitalize on this trend and influence the broader understanding of digital currencies,” said Tim Doman, an Investment Analyst at Top Mobil Bank. “It could establish cryptocurrencies not as speculative assets but as integral parts of everyday life.”
Worldcoin, currently in its beta phase, is vying to evolve into the largest, most inclusive global identity and financial network.
Constructed around World ID and the Worldcoin token, the project is designed to function as a public utility accessible to everyone, irrespective of their socio-economic background.
“Worldcoin’s mission of empowering individuals worldwide could help redefine the narrative surrounding digital currencies and highlight their potential for positive societal change,” said Spencer, founder and Chief Editor of Isitsafu.
Worldcoin, which boasts about two million users across five continents, is moving towards decentralization in the areas of governance, engineering, operations, and grant-making activities via the nonprofit Worldcoin Foundation.
TFH co-founder and CEO Alex Blania emphasized the importance of preserving personal privacy when it comes to artificial intelligence and expressed optimism that the new funding and talent influx at TFH would assist in expanding the protocol’s reach from its present user base to billions in the future.
“As we embark on the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanness. In doing so we can help ensure that everyone can realize the financial benefits that AI is poised to deliver,” Blania said about the importance of privacy.
Spencer Bogart, General Partner at Blockchain Capital, lauded Worldcoin’s World ID feature. This privacy-preserving protocol could enhance user experience, pave the way for new internet-based applications, and restore faith in digital communities, he explained.
The World App claims to be one of the fastest-growing self-custodial wallets globally.
More than 1.5 million people have joined the beta phase of the World App, handling over 60,000 transactions daily and boasting 600,000 monthly active users.
Produced in association with Benzinga
Edited by Alberto Arellano and Sterling Creighton Beard