Following OpenAI’s astonishing success, another project backed by its CEO Sam Altman has closed a whole lot of financing round amidst a bleak year for cryptocurrency investments.
The cryptocurrency ID project – Worldcoin – has raised $115 Million in a Series C financing round led by Blockchain Tech Financial resources. Other participants in the financing round include a16z, Bain Financial resources, and Distributed Global.
- Worldcoin, which falls under the umbrella company of Tools for Humanity, is a unique open-source protocol that involves scanning people’s irises.
- Reports by its website, the biometrics are captured by the Worldcoin Orb, an imaging device that captures users’ irises and high-resolution images of their bodies and face.
- Worldcoin has had a controversial start since it 1st leaked in mid-2021. Regardless of reports of safety lapses, the platform claimed to have had more than a Million signups and betwixt 100 and 200 Orbs operational at any given time.
- The high-profile project likewise gained tremendous traction in China more recently.
- Reports alleged that fraudsters are purchasing iris scans from the black market to register on the platform.
- As a result, Worldcoin stated that the company does not have an issue with iris scans on the black market but revealed the detection of numerous cases of fraud involving its digital passport, the verification protocol that is used to determine real identities.
- Prior to this, TechCrunch had claimed that attackers were able to install password-collecting malware onto the devices of WorldCoin operators.