March 29, 2024

Worldcoin Developer Raises $115M in New Funding Round

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Worldcoin Developer Raises $115M in New Funding Round

The developer of the Worldcoin crypto project, Tools for Humanity, was able to raise $115 million in a new round of financing, led by Blockchain Capital.

a16z, Bain Capital Crypto and Distributed Global also participated in the round.

“As we enter the era of AI, it is extremelyit is important that people can maintain privacy. In doing so, we can ensure that everyone can reap the financial benefits that AI provides,” said Tools for Humanity CEO and co-founder Alex Blania.

Sam Altman, who alsois the CEO of OpenAI and is preparing to launch Worldcoin in the next few weeks. He plans to use eyeball scanning technology to create a global identification system that can be used to gain free access to his own cryptocurrency, Worldcoin. 

Worldcoin has already been criticized for a number of reasonsissues, primarily because biometric scanning poses privacy risks. The project's website states that the company will not store iris scans and that the device will not harm users' eyes. 

Meanwhile, users from China whoaccess to registration in the Worldcoin crypto project is prohibited, they resort to purchasing biometric data from third parties from African countries with the hope of receiving bonuses after the launch of the project.