Sam Altman, the CEO of Open AI, is reportedly close to securing approximately $100 million in funding for his ambitious project, World Coin. Sam Altman nears $100 million 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.
Worldcoin Crypto Project
World Coin 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, World Coin is in advanced discussions to raise fresh capital in preparation for its upcoming launch.
While Worldcoin has maintained a lower profile compared to Open AI, 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 World Coin’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.
Sam Altman nears $100 million funding given the current crypto market conditions. The level of investment World coin 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. It can be used anonymously in various everyday applications without revealing the user’s identity. Once identity is established, users can receive free Worldcoin tokens.
Worldcoin has faced criticism & privacy risks
Despite its ambitions, World coin has faced criticism, particularly regarding privacy risks associated with biometric scanning. The company’s website includes a section addressing concerns about the orb, stating. It will not store iris scans and will not harm users’ eyes.
Having operated in beta, World Coin 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. Whether its unique identification system and global cryptocurrency gain traction in the ever-evolving crypto market. What are your thoughts on the project?