OpenAI CEO Sam Altman Backs Worldcoin Following $50 Million Fundraising Reports
In Brief
Sam Altman openly backed his vision for cryptocurrency project Worldcoin, following reports the company was seeking $50 million in funding.
OpenAI’s CEO, Sam Altman confirmed his decision to back Worldcoin — his part-cryptocurrency project, amid news that the company is trying to get $50 million in funding.
Sam Altman, in collaboration with Alex Blania and Max Novendstern, co-established the cryptocurrency initiative and online platform Worldcoin. This venture integrates AI technologies with cryptocurrencies and blockchain, employing an open-source protocol designed to grant universal access to a global economy.
Over 2.6 million individuals have enrolled to undergo iris scans facilitated by Worldcoin’s “orb” devices, receiving a digital ID and complimentary cryptocurrency in return.
Altman appeared as part of a virtual Q&A hosted by fintech-focused investment bank FT Partners on Thursday, a week after reportedly Tools for Humanity — the company behind Worldcoin, seeking to raise $50 million from investors.
The fundraising initiative involves selling the project’s crypto tokens at a discounted rate, as reported by The Block.
Notably, the company had previously garnered $115 million in a Series C funding round, led by Blockchain Capital and featuring participation from a16z crypto and Bain Capital Crypto.
Increasing Scrutiny Over Project Worldcoin Amid Funding
Altman emphasized the increasing significance of distinguishing humans in a world saturated with artificial intelligence, stating, “In a world with a lot of AI, knowing who is human matters more and more.” He underscored the belief that, as AI assumes a progressively pivotal role in our lives, the ability to uniquely identify individuals becomes increasingly crucial.
Since its launch in July, Worldcoin has come under scrutiny from regulators in the United Kingdom and Germany, both expressing their intent to investigate the cryptocurrency project.
To simplify, in line with the decentralized nature of other cryptocurrencies, Worldcoin operates without central oversight, empowering users to make decisions collectively, free from a centralized entity like a traditional bank. The development of this project spanned two years, reflecting a meticulous approach to its design and functionality.
At its core, Worldcoin aspires to tackle income inequality through the introduction of a distinctive World ID.
Moreover, the collection of data by Worldcoin has raised apprehensions among both regulatory authorities and privacy advocates, particularly regarding users’ consent for consolidating all their data under a single business entity.
Worldcoin, in response, asserts that its project maintains complete confidentiality, assuring that biometric data is either expunged or securely stored in an encrypted format.
However, lingering concerns persist over the possibility of iris scans being illicitly traded on the black market, potentially facilitating unauthorized access to Worldcoin accounts.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
