• Worldcoin, a crypto project co-founded by OpenAI CEO Sam Altcoin, has raised $115 million in Series C funding.
• The raised capital will be used to advance the development of the World App, a crypto wallet application.
• It has gained attention for its unique user identification process involving retinal scanning using a specialized device.
Worldcoin Raises $115 Million in Series C Funding
OpenAI’s CEO Sam Altcoin co-founded crypto project Worldcoin has successfully closed a Series C funding round with an amount of $115 million. The venture capitalists involved in this investment include Blockchain Capital, a16z, Bain Capital Crypto and Distributed Global.
Purpose of Funding
The funds raised from the latest fundraising round will be used to further develop the project’s flagship product – the World App, a cryptocurrency wallet application that aims to provide users access to their digital assets securely and conveniently. Additionally, it can also facilitate collaborations with Optimism as well as explore other innovative applications.
Unique User Identification Process
Worldcoin stands out among other cryptocurrency projects due to its unique retinal scanning identity verification feature which uses a specialized device to scan users’ eyes for authentication purposes. This technology was adopted since 2021 and has since then attracted 1.7 million users globally despite certain technical limitations that have hindered its coverage on large scales.
China Market Trading
It is worth mentioning that there is an active market in China where verified Worldcoin user information from Cambodia and Africa are being traded for prices as low as $30 per account. This could potentially bring security risks if not properly managed or regulated by authorities accordingly.
Worldcoin’s successful Series C funding round is indicative of increasing investor confidence in cryptocurrencies despite unfavorable market conditions at present time. With more resources available now, we look forward to seeing how far Sam Altcoins’ team can take this promising project forward!