• Worldcoin, a crypto project founded by OpenAI CEO Sam Altman, has secured $115 million in series C funding led by Blockchain Capital.
• The funds will be used to advance initiatives such as a new solution to the weakening bulwark of CAPTCHA tests against AI-backed bots.
• Worldcoin operates on the Ethereum (ETH) blockchain and is centered around two core components: the Worldcoin token and the World ID.
Worldcoin Secures Funding from Blockchain Capital
Worldcoin, an ambitious cryptocurrency project co-founded by OpenAI CEO Sam Altman, has received a significant financial boost with the latest funding round. On May 25th, Tools for Humanity – the technology company behind Worldcoin – announced an influx of $115 million in series C funding led by Blockchain Capital. This follows a successful raise of $100 million at a $3 billion valuation in March 2022, demonstrating continued appeal despite market conditions.
Funds Poised to Advance Bot Detection and More
The majority of this new funding round will go towards bot detection, research and development, and broadening the Worldcoin project and its associated app (the ‘World App’). Other investors include renowned firms such as a16z Crypto, Bain Capital Crypto, and Distributed Global.
Worldcoin’s Vision for Global Wealth Distribution
Founded by Sam Altman with backing from veterans of Electric Coin Company, Revolut, Uber, Block Twitter & Apple; Worldcoin aims to establish a radical new model for global wealth distribution akin to universal basic income (UBI). UBI is social security system where all citizens receive regular money regardless of income or job status – versatile, unconditional & consistent.
Components Behind The Vision
At its core are two essential components: The first being the digital currency ‘Worldcoin’ which is distributed to users worldwide; second is the ‘World ID’, a unique digital identity tied to each user which is authenticated through biometric process.
Looking Ahead
Tools for Humanity hopes that this influx of capital will allow them to move closer towards realizing their vision for global wealth distribution; creating fairer opportunities for everyone across the world and increasing financial inclusion & accessibility within society.