An eye-scanning biometric crypto project is experiencing a significant decline in value after reportedly withdrawing from Brazil, France, and India.
According to TechCrunch, Worldcoin (WLD), a digital ID-focused crypto asset co-founded by Sam Altman, the CEO of OpenAI, is leaving these three countries just a few months after launching its Orb verification services.
The spokesperson for Worldcoin’s overseeing firm, Lily Gordon, stated that the project remains committed to working with global partners to meet regulatory requirements and provide a secure and transparent service for verified individuals.
The Orb Verification Process
Worldcoin’s Orb is a helmet-shaped device that scans people’s eyes to verify their identity. To use it, traders need to download the Worldcoin app, acquire a compatible crypto wallet, and visit an Orb to receive their World ID.
While Gordon mentioned that Orb services will be temporarily scaled back in India and other countries, no specific reason was given. However, TechCrunch reports that Worldcoin still plans to onboard users in India and has recently implemented an update that allows it to differentiate between bots and humans and integrate user World IDs into popular platforms like Minecraft, Reddit, and Telegram.
Price Plummet
Worldcoin’s native altcoin WLD has seen a substantial decrease in value, dropping from its all-time high price of $4.73 on December 17th to $3.59 at the time of writing. This represents a decline of approximately 22%.
Hot Take: Worldcoin Faces Challenges Amid Withdrawal from Key Markets
Worldcoin’s decision to withdraw from Brazil, France, and India raises questions about the future of its Orb verification services. While the project remains committed to meeting regulatory requirements and providing a secure service, the temporary scaling back of Orb services in these countries may hinder its expansion plans. Additionally, the significant drop in the value of its native altcoin WLD indicates a lack of confidence from investors. Worldcoin will need to address these challenges and regain market trust to ensure the success of its biometric crypto project.
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