Digital Assets: Sam Altman Said To Be Homing In On $100M Raise For Worldcoin Cryptocurrency

https://dailyalts.com/wp-content/uploads/2023/05/diane-picchiottino-j0uPXHPOTXM-unsplash.jpg

Worldcoin, a new global cryptocurrency, will be backed by iris-scanning technology for secure ID.

OpenAI CEO Sam Altman is on the verge of securing approximately $100 million in funding for his project, Worldcoin, which aims to create a secure global cryptocurrency using iris-scanning technology. This development comes as a welcome positive turn for the cryptocurrency sector, which has experienced a challenging year.

Worldcoin is currently in advanced discussions with a group of investors, including both existing and new participants. Notable previous investors in the company include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman. (FT)

Founded in 2019 by Altman and Alex Blania, Worldcoin has set ambitious goals to establish a global identification system using iris biometrics. This system would grant access to Worldcoin’s global currency and potentially address issues related to distinguishing between humans and bots, as well as providing a form of universal basic income to mitigate job losses caused by artificial intelligence.

Despite its low profile compared to OpenAI, Worldcoin has attracted attention with a previous token sale that valued its tokens at $3 billion. However, the cryptocurrency market has experienced significant challenges over the past year, including the collapse of FTX and a decline in token prices, leading to failures among various crypto companies.

Worldcoin’s approach involves utilizing an orb that scans iris biometrics to establish individual identities and create a pseudonymous digital World ID for everyday applications without revealing users’ identities. Once users verify their identity, they can receive free Worldcoin tokens.

Worldcoin has faced criticism, particularly regarding privacy risks associated with biometric scanning. The company’s website addresses concerns by stating that it will not store iris scans and that the device will not harm users’ eyes.

After operating in beta, Worldcoin is preparing to launch its blockchain protocol and begin recording transactions within the next six weeks.

Related Story:  OpenAI Launches ChatGPT, A New Conversational AI System

Photo by Diane Picchiottino on Unsplash

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/09/0deafbe2-9873-4d57-aaaf-ecb37a567e1a__IC21947.jpg
Digital Assets: 1% Of Chileans Sign Up For Worldcoin; Rush Seen In Argentina, Too
September 28, 2023     Digital Assets, News

Worldcoin, the innovative biometric wallet and ID project, is making significant waves in Chile as it surpasses a remarkable milestone. The organization has reported that over 200,000 Chileans have embraced…

https://dailyalts.com/wp-content/uploads/2023/09/1695822001308.jpg
FinTech: Atom Bank And Kamma To Partner For Greening UK Mortgage Assets
September 28, 2023     ESG and Sustainability, FinTech, News, Real Estate

Atom bank and Kamma have formed a significant partnership aimed at addressing the pressing concerns of climate change. This collaboration brings together Atom bank’s cutting-edge banking technology with Kamma’s climate…

https://dailyalts.com/wp-content/uploads/2023/09/0_onaeojfgCZeyNabT.jpg
Venture Capital: Slope, A B2B Solutions Provider Backed By Sam Altman, Scores $30M Funding

Slope, a two-year-old AI startup based in San Francisco, has secured a substantial $30 million equity round led by Union Square Ventures and featuring participation from OpenAI’s CEO, Sam Altman….

https://dailyalts.com/wp-content/uploads/2023/09/32215763362_b62ef08e5f_c.jpg
Artificial Intelligence: Palantir Awarded $250M Contract By US Department Of Defense For AI R&D
September 28, 2023     Artificial Intelligence, Latest News, News

Palantir Technologies Inc. (NYSE: PLTR) has secured a significant contract worth $250 million with the US Defense Department. The primary focus of this contract is the research and development of…