• OpenAI chief executive Sam Altman’s new crypto project Worldcoin just secured $115 million in a series C funding round led by Blockchain Capital.
• Worldcoin is a blockchain-based identification system using people’s eye scans.
• Spencer Bogart of Blockchain Capital believes Worldcoin can improve privacy and security, and enable myriad new features and applications to restore trust in digital communities.
Worldcoin Secures $115 Million Series C Funding Round
OpenAI chief executive Sam Altman’s new crypto project Worldcoin has raised $115 million from prominent venture capital company Blockchain Capital in its series C funding round. This investment was also joined by Andreessen Horowitz (a16z), Distributed Global, and Bain Capital Crypto.
What is Worldcoin?
Worldcoin is a global blockchain-based identification system that uses peoples’ eye scans as verification for their identity. It then creates a “digital World ID” that can be used in different applications as a substitute for revealing the user’s identity. The project has onboarded close to 2 million people to date, and this month launched its crypto wallet for verified individuals.
Benefits of Worldcoin
Spencer Bogart of Blockchain Capital initially had negative perception of the project but changed his mind after evaluating it closely. He believes that Worldcoin offers an opportunity to improve privacy and security, enable myriad new features and applications, and help restore trust in digital communities (knowingly conversing with real humans instead of bot armies).
Conclusion
The success of this funding round shows promise for WorldCoin’s mission to establish a secure blockchain-based identification system using peoples’ eye scans globally as well as potential for improved privacy and security on the internet.
Disclaimer
The opinions expressed at The Daily Hodl are not investment advice; investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.