- OpenAI CEO Sam Altman secures funding for iris-scanning cryptocurrency, Worldcoin.
- Worldcoin aims to establish a global identification system using eye-scanning technology.
- The World App wallet prioritizes simplicity and key functionalities for Worldcoin and Ethereum.
According to reports, Sam Altman, the CEO of OpenAI, has successfully obtained financial backing for Worldcoin, a cryptocurrency that utilizes iris scanning technology. As per the Financial Times’ recent article on Sunday (May 14), insiders familiar with the matter reveal that Worldcoin is currently engaged in discussions to secure $100 million in funding before its upcoming launch, which coincides with a challenging period for the digital currency market.
“It’s a bear market, a crypto winter. It’s remarkable for a project in this space to get this amount of investment,
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In 2019, Sam Altman and Alex Blania established Worldcoin with the objective of utilizing eye-scanning technology to establish a global identification system, enabling universal access to cryptocurrency for individuals worldwide.
Recently, Worldcoin introduced a digital wallet with the intention of broadening the accessibility of digital identity and global financial services. Tailored for the Worldcoin ecosystem, the World App enables users to authenticate their identity through World ID, acquire Worldcoin tokens, and transfer digital currency to any destination.
According to a blog post by Worldcoin, the World App represents a distinct type of wallet with unique features.
The World App has certain limitations when compared to other cryptocurrency wallets. It does not offer complete support for all tokens or functionalities that the crypto industry provides, nor does it reveal all possible configurations. Instead, the wallet was developed by Tools for Humanity (TFH) to prioritize a few essential features for Worldcoin and Ethereum, keeping them user-friendly and straightforward for everyone to use.
In a recent interview, Brendan Berry, head of payments products at Ripple, a crypto provider for enterprises, discussed the viability of using cryptocurrency for B2B payments. Berry acknowledged the challenges and volatility associated with the industry.
It doesn’t support every token or functionality crypto has to offer, and it doesn’t expose every possible configuration. Instead, it is designed by TFH [Tools for Humanity] to focus on a handful of key functionalities for Worldcoin and Ethereum to keep things simple and familiar so anyone can use them.
Brendan Berry, head of payments products at Ripple
According to Berry, the current climate of healthy skepticism presents an opportune moment to be a “builder” in the cryptocurrency industry.
A study featured in the PYMNTS report titled “Cryptocurrency, Blockchain, and Cross-Border Payments: Selecting a Blockchain Technology Partner” revealed that while many businesses recognize blockchain payment technology as crucial for streamlining cross-border transactions, over half of them expressed concerns regarding regulatory risks associated with it.
Additionally, Berry emphasized that his company’s focus lies in facilitating the swift movement of value, aligning with the speed of information. He emphasized that the enduring practical benefits of cryptocurrencies can be best witnessed within the realm of payments.
