OpenAI CEO Sam Altman Secures $100M Investment for Worldcoin
OpenAI CEO Sam Altman id allegedly about to secure a significant funding for his ambitious project, Worldcoin, a cryptocurrency that utilizes iris-scanning technology for enhanced security.
Financial Times states, that according to sources familiar with the funding talks, Altman is on the verge of securing approximately $100 million from a combination of both existing and new investors. In the coming weeks, Worldcoin is expected to finalize the funding negotiations and proceed with its launch plans.
Worldcoin, founded in 2019 by Altman and Alex Blania, aims to revolutionize the identification system by leveraging eyeball-scanning technology. The goal is to create a secure and accessible platform that enables every individual on Earth to participate in the cryptocurrency ecosystem, according to its founders.
Earlier this month, Worldcoin introduced the World App, a digital wallet designed to expand the availability of digital identity and global finance. The World App is an integral part of the Worldcoin ecosystem, enabling users to authenticate themselves through World ID, acquire Worldcoin tokens, and conduct digital transactions worldwide.
Worldcoin's innovative approach addresses two significant challenges arising from the advancement of artificial intelligence. Firstly, it tackles the issue of distinguishing between humans and bots, thereby enhancing security measures.
Additionally, the project aims to establish a form of universal basic income to mitigate potential job losses caused by AI. To support its objectives, Worldcoin has developed the Orb, a biometric imaging device that utilizes iris biometrics to establish a unique digital identity known as World ID. This digital identity can be pseudonymously employed in various everyday applications while ensuring user privacy and security. As an incentive, users who establish their identity are rewarded with free Worldcoin tokens.
During its initial unveiling, Worldcoin attracted prominent investors, including a16z, Digital Currency Group, Coinbase Ventures, former FTX CEO Sam Bankman-Fried, and LinkedIn co-founder Reid Hoffman. The Series A funding round garnered significant support, solidifying the project's potential and attracting high-profile figures in the cryptocurrency and technology sectors.
As Worldcoin approaches the launch of its blockchain protocol, the company plans to commence recording transactions within the next six weeks.
About the author
Lee Brooks is passionate about the world of blockchain and crypto and by the endless possibilities these technologies offer