Tools for Humanity, lead developer of the Worldcoin project, announced the completion of a $115 Million fundraise led by Blockchain Tech Capital.
The latest information confirms an earlier report, published by The Block in February, that Worldcoin planned to raise up to $120 Million. Back then, people familiar with the matter suggested the raise would value the project at $3 Billion — as did its previous round — but no valuation was disclosed in today’s announcement.
The San Francisco-based Tools for Humanity was co- established by Alex Blania, Max Novendstern and Sam Altman, CEO of ChatGPT developer OpenAI. Its purpose is to drive forwards the Worldcoin project — an audacious effort to create a digital currency that is worldwide in scope and available to anyone who has verified they are a real individual. The main method of doing that is to get scanned by one of Worldcoin’s orbs.
The project is building toward the launch of the Worldcoin crypto token, which company representatives have repeatedly earmarked for the 1st half of this year.
The age of AI
The cash injection will be used to further develop the recently launched World App, a wallet dedicated to the Worldcoin ecological system, likewise as for continued R&D and growth, reports by the announcement.
Along with Blockchain Tech Financial resources — an American cryptocurrency financing company with some $2 Billion under management — a16z cryptocurrency, Bain Financial resources Cryptocurrency and Distributed Worldwide likewise participated in the round.
“As we embark on the age of Artificial Intelligence (AI), it is imperative that individuals are able to sustain personal privacy while proving their humanness. As a result we can help secure that everyone can realize the financial advantages that Artificial Intelligence (AI) is poised to deliver,” stated Alex Blania, CEO and co- founder of Tools for Humanity, in a statement.
Reports by Worldcoin’s website, 1.7 Million people — the bulk of them in the Worldwide South — have already had their identities verified and are ready to claim their share of the crypto token when it launches.
The project has proven controversial since drawing sharp criticism from privacy advocates when it was 1st unveiled. More recently, its developers were forced to roll out fresh measures to combat the beginnings of a black market for Worldcoin credentials.
Still momentum persists to build. The Block revealed in March that Worldcoin had struck a deal with manufacturing giant Jabil to ramp up production of its iris-scanning orbs. With the World App launching in May and fresh financial resources to hand, everything seems poised for the crypto token to go live.