May 18, 2023
By Anjali Kochhar
After the successful revolution that the world-renowned AI model ChatGPT has brought into the global market, founder Sam Altman is now all set to disrupt the cryptocurrency market.
According to a report from The Financial Times (FT), Altman is on the verge of securing a substantial $100 million in funding for a project called Worldcoin.
Altman co-founded Worldcoin with Alex Blania in 2019, and the project is expected to launch in the coming weeks.
Prominent investors backing the company include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.
The primary objective of Worldcoin is to establish a global identification system using iris biometrics. This system will enable individuals to access Worldcoin’s own global currency, known as Worldcoin, while maintaining pseudonymity.
The company plans to create a platform that leverages iris biometrics to establish a unique digital World ID for each individual. This digital identity can then be used across a wide range of everyday applications without disclosing the user’s true identity. Once users have verified their identity, they will be eligible to receive Worldcoin tokens at no cost.
This development comes at a time when the broader cryptocurrency market is experiencing increased regulatory scrutiny. Additionally, following the aftermath of the FTX exchange incident, there has been significant selling pressure in the market. However, 2023 has been a relatively positive year for investors thus far, although the crypto market has not fully recovered from the downturn experienced in the previous year.
Last week, on May 8, Worldcoin introduced the World App, which enables users to validate their personhood online through World ID, claim Worldcoin tokens, and send digital money globally at no cost. Additionally, Worldcoin launched a cryptocurrency wallet specifically designed for verified users of the app.
In the latest development, it has been announced that the flagship applications of Worldcoin will be hosted on the Optimism mainnet.
Reports claim that this could be Waltman’s second biggest revolution in the tech space. ChatGPT has already become not only the buzzword but also the most useful use case of conversational AI.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.