Tools for Humanity, the team behind the Worldcoin digitalย currency project, has confirmed that it has raised $115 Million in a Series C financing round. The financing round was led by Blockchainย Tech Capital.
Worldcoin developer raises $115 Million in funding
The development comesย after earlier reports in February hasย stated that the Worldcoin project was planning to raise up to $120 Million worth of financing. Andย once, people with close knowledge of the matter hasย stated that the financing would have increased the projectโs valuation to $3 billion. Nonetheless, the company is isย still to disclose its valuation after the closure of the fundraiser.
Worldcoin is a project by Tools for Humanity. The project was co- established by Alex Blania, Max Novendstern, and the co- founder of OpenAI, Sam Altman. The goal of this financing round is toย facilitate theย expansion of the Worldcoin project.
The project is asย ofย now working on the creation of a digitalย currency project that has a worldwide reach. The project will be available to those that have verified that they are a real individual. The main goal behind this project is to be scanned by one of the orbs owned by Worldcoin.
The Worldcoin project is asย ofย now working on the release of the Worldcoin cryptoย token. Representatives from the company have previously stated that the launch of this cryptoย token is slated to happen during the 1st half of the year.
The new funding directed towards this project will go towards developing World App that wasย published recently. World App is a wallet that is dedicated to the Worldcoin ecologicalย system. Part of the financing will likewise go towards research and development and growth.
In addition to Blockchainย Tech Financialย resources, which has around $2 Billion under management, the other financing corporations that participated in the financing round include a16z Cryptocurrency, Bain Financialย resources Cryptocurrency and Distributed Global.
The CEO and co- founder of Tools for Humanity, Alex Blania, said,
As we embark on the age of Artificialย Intelligenceย (AI), it is imperative that individuals are able toย sustain personal privacy while proving their humanness. Asย aย result, we can help secure that everyone can realize the financial advantages that Artificialย Intelligenceย (AI) is poised to deliver.
The Worldcoin project is gaining momentum
The Worldcoin website has 1.7 Million people, and the bulkย of these people are located in the Worldwide South. These individuals have had their identities verified, and they are ready to claim their World cryptoย token when it has been launched.
The project attracted much criticism when it was 1st released. The criticism was from privacy advocates who attacked how the company collected user information. Recently, the developers were forced to launch fresh strategies to combat the boost of a black market for credentials gotten from Worldcoin.
The momentum has continued to build for this project regardlessย of the criticism. In March, Worldcoin partnered with the Jabil manufacturing company to boost production for iris-scanning orbs. World application will be launching in May, and the financialย resources raised from theย pastย few financing round will support the release of the token.
