Worldcoin, co-founded by Sam Altcoin, the CEO of OpenAI, has concluded a successful Series C funding round, raising $115 million.
The raised capital will use to advance the development of the World App, a crypto wallet application.
Despite technical limitations, Worldcoin has amassed a user base of 1.7 million globally, with growing interest in the project.
Worldcoin, the crypto project co-founded by Sam Altcoin, the CEO of OpenAI, has successfully concluded a Series C funding round, raising a substantial sum of $115 million.
Prominent investors such as Blockchain Capital, a16z, Bain Capital Crypto, and Distributed Global participated in the funding round. Although the exact valuation of Worldcoin not disclosed, this significant investment further solidified its position in the cryptocurrency market.
Worldcoin will utilize the raised capital to advance the development of its World App, a crypto wallet application designed for the project’s ecosystem. Additionally, the company aims to explore and create innovative applications, including a collaboration with Optimism.
This funding round comes at a time when investment activities within the market have relatively subdued due to unfavorable conditions. It has gained attention for its unique user identification process involving retinal scanning using a specialized device.
Although the project emerged in 2021, it has recently regained momentum following the success of OpenAI and ChatGPT, bringing significant recognition to Sam Altcoin in the broader technology and crypto communities.
While the token release date has not been announced, Worldcoin has already amassed a user base of 1.7 million globally. However, technical limitations have hindered the desired coverage of Worldcoin’s eye scan identity verification.
Worldcoin’s Series C Funding Spurs Innovation
Notably, there has been a market in China where verified Worldcoin user information from Cambodia and Africa is traded for as little as $30 per account.
This growing interest in the project highlights its increasing popularity. Worldcoin emphasizes strengthening its verification mechanism to prevent the illicit buying and selling of user information.
Overall, Worldcoin’s successful Series C funding round and its ongoing efforts to enhance its identity verification system demonstrate the project’s commitment to innovation and growth within the cryptocurrency industry.