Crypto project Worldcoin has reportedly raised $115 million in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released World App, a crypto wallet.
Co-founded by Sam Altman, CEO of OpenAI, Worldcoin was created by the developers of Tools for Humanity to solve problems posed by the increasing complexity of artificial intelligence in the digital age, such as proof of personality. Venture capital firms Andreessen Horowitz, Bain Capital Crypto and Distributed Global were also investors in the round.
“In the age of artificial intelligence, we need decentralized, privacy-preserving solutions that prove humanity online and empower people around the world to take control of their identities and finances. Additional resources will help us continue to build and Roll out accessible and incl usive tools and technologies that give everyone in the world the opportunity to fully participate in the evolving digital and global economy,” Akarsh Sanghi, head of product and business operations at Tools for Humanity, told Cointelegraph in a statement. Worldcoin is currently available in beta and has more than 2 million users, according to the company. It is preparing to launch the blockchain protocol and begin recording transactions in the coming weeks. In early May, the project launched the World App,a free crypto wallet for verified individuals that runs on the Android and iOS operating systems. Currently running on the Polygon network, enabling users to hold and transfer USD Coin, Wear, Ether, Worldcoin (WLD) and wrapped Bitcoin (WBTC). By using With zero-knowledge proofs, it can verify that a user is human without revealing the underlying data.
Worldcoin has partnered with regulated cryptocurrency exchanges MoonPay and Ramp to offer on-ramps within the wallet. Using the wallet, tokens can be swapped through the built-in Uniswap integration. The app also enables users to send and receive cryptocurrencies through their contacts' phone numbers. According to Worldcoin's website, its WLD token is not available in the US and some other countries.
Founded in 2019, Worldcoin's Series A funding round was led by Andreessen Horowitz, along with Digital Currency Group and Coinbase Ventures. Former FTX CEO Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman are also investors.
