- Worldcoin will offer its World ID database to government and corporate clients.
- The project faced scrutiny from data watchdogs in France, Germany, and the UK.
- Recently, Kenyan officials halted Worldcoin’s World ID operations due to privacy concerns.
Worldcoin, the identity and financial network co-founded by OpenAI CEO Sam Altman, has announced plans to expand its global operations and offer its iris-scanning and identity-verifying technology to other organizations, as per an article published by Reuters.
According to a senior manager at Tools For Humanity, the company behind the Worldcoin project, they are on a mission to build the largest financial and identity community possible.
The platform, which launched last week, requires users to undergo iris scans in exchange for a digital ID and, in some regions, free cryptocurrency. During a trial period over the last two years, 2.2 million people have already signed up for Worldcoin at various registration sites worldwide.
However, the project has also faced scrutiny from data watchdogs in the UK, France, and Germany, who are looking into potential privacy and data protection concerns. In addition, Kenyan authorities halted Worldcoin’s operations in the said country due to the same worries.
Despite the controversy, Worldcoin has attracted significant funding, raising $115 million from prominent venture capital investors, including Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed Global, in a funding round conducted in May.
Ricardo Macieira, the general manager for Europe at Tools For Humanity, expressed the company’s commitment to expanding its operations in various regions, including Europe, Latin America, Africa, and beyond, wherever it is accepted.
Worldcoin’s website outlines ambitious potential applications for its technology, such as distinguishing between humans and artificial intelligence, facilitating global democratic processes, and potentially leading to universal basic income. However, it’s important to note that these outcomes are not guaranteed.
The company’s willingness to share its technology with other organizations signals a broader push towards establishing a global network for identity verification and financial services.
As Worldcoin continues its expansion, it remains to be seen how regulators and users around the world will respond to this innovative yet controversial approach to digital identity and cryptocurrency adoption.
Read Also :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
