OpenAI’s Sam Altman Nears $100 Million Funding for Worldcoin Crypto Project

Sam Altman, the CEO of OpenAI, is reportedly close to securing approximately $100 million in funding for his ambitious project, Worldcoin.

Worldcoin aims to create a secure global cryptocurrency utilizing iris-scanning technology to establish a unique global identification system that grants access to its own digital currency.

According to insiders familiar with the matter, Worldcoin is in advanced discussions to raise fresh capital in preparation for its upcoming launch. The funding round will involve both existing and new investors, including prominent names like Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.

While Worldcoin has maintained a lower profile compared to OpenAI, the company has significant aspirations. Its plan revolves around utilizing eyeball-scanning technology to create a global identification system. This system would enable individuals to access Worldcoin’s global currency freely.

In early 2022, a $100 million token sale resulted in a valuation of the company’s tokens at $3 billion. However, the past year has been challenging for the crypto industry, with token prices plummeting and several crypto projects experiencing failures. The collapse of FTX, backed by major venture capital firms, further dampened investor sentiment in the sector.

Given the current crypto market conditions, the level of investment Worldcoin is attracting is noteworthy. One insider remarked that it is remarkable for a project in this space to secure such a substantial amount of funding during a bear market.

Worldcoin aims to address two significant concerns associated with advancing artificial intelligence: distinguishing between humans and bots and providing a form of universal basic income to mitigate potential job losses resulting from AI advancements. The project’s key component is an orb that utilizes iris biometrics to establish a person’s unique identity. It then generates a digital World ID that can be used anonymously in various everyday applications without revealing the user’s identity. Once identity is established, users can receive free Worldcoin tokens.

Despite its ambitions, Worldcoin has faced criticism, particularly regarding privacy risks associated with biometric scanning. The company’s website includes a section addressing concerns about the orb, stating that it will not store iris scans and will not harm users’ eyes.

Having operated in beta, Worldcoin is now preparing to roll out its blockchain protocol and initiate transaction recording within the next six weeks. The company declined to comment on the fundraising efforts.

As Worldcoin moves forward with its innovative approach, it will be interesting to see how it navigates privacy concerns and whether its unique identification system and global cryptocurrency gain traction in the ever-evolving crypto market. What are your thoughts on the project?