Sam Altman, the CEO of OpenAI, has reportedly obtained funding for Worldcoin, his planned cryptocurrency that utilizes iris-scanning technology.
According to sources familiar with the matter, Worldcoin is currently in discussions to raise $100 million prior to its launch, which is taking place during a challenging period for digital currencies.
An anonymous source commented, “It’s a bear market, a crypto winter. It’s remarkable for a project in this space to receive such a significant investment.”
Established in 2019 by Altman and Alex Blania, Worldcoin’s objective is to introduce a global identification system using eyeball-scanning technology, granting access to cryptocurrency for every individual worldwide.
Earlier this month, Worldcoin unveiled a digital wallet aimed at expanding the availability of digital identity and global finance. The World App, designed for the Worldcoin ecosystem, enables authentication with World ID, acquisition of Worldcoin tokens, and digital money transfers.
In a blog post, Worldcoin described the World App as a distinct type of wallet, focusing on essential functionalities for Worldcoin and Ethereum, simplifying the user experience to ensure accessibility for everyone.
PYMNTS recently examined the role of cryptocurrency in B2B payments during a conversation with Brendan Berry, the head of payments products at Ripple, an enterprise crypto provider. Berry acknowledged the turbulence within the industry.
He stated, “Throughout 2022, we witnessed layoffs, companies going bankrupt, and losses for consumers. We are now emerging from that period with a healthy dose of skepticism, differentiating between the excessive hype and speculative investments that fueled the bull market and genuine companies and technologies addressing real customer pain points.”
Berry emphasized that this skeptical environment is an ideal time for builders in the industry to thrive.
Research featured in the PYMNTS report titled “Cryptocurrency, Blockchain, and Cross-Border Payments: Selecting a Blockchain Technology Partner” revealed that while many businesses perceive blockchain payment technology as crucial for streamlining cross-border transactions, over half of them have concerns regarding regulatory risks.
Berry informed PYMNTS that Ripple is focused on enabling value to move at the speed of information. He emphasized that crypto has seen substantial adoption and interest from businesses in facilitating instant cross-border transactions, and this trend is continuing to accelerate.