Tools for Humanity, the team behind the Worldcoin digital currency project, has confirmed that it has raised $115 Million in a Series C financing round. The financing round was led by Blockchain Tech Capital.
Worldcoin developer raises $115 Million in funding
The development comes after earlier reports in February has stated that the Worldcoin project was planning to raise up to $120 Million worth of financing. And once, people with close knowledge of the matter has stated that the financing would have increased the project’s valuation to $3 billion. Nonetheless, the company is is 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 to facilitate the expansion of the Worldcoin project.
The project is as of now working on the creation of a digital 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 as of now working on the release of the Worldcoin crypto token. Representatives from the company have previously stated that the launch of this crypto 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 was published recently. World App is a wallet that is dedicated to the Worldcoin ecological system. Part of the financing will likewise go towards research and development and growth.
In addition to Blockchain Tech Financial resources, which has around $2 Billion under management, the other financing corporations that participated in the financing round include a16z Cryptocurrency, Bain Financial resources Cryptocurrency and Distributed Global.
The CEO and co- founder of Tools for Humanity, Alex Blania, said,
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.
The Worldcoin project is gaining momentum
The Worldcoin website has 1.7 Million people, and the bulk of these people are located in the Worldwide South. These individuals have had their identities verified, and they are ready to claim their World crypto 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 regardless 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 financial resources raised from the past few financing round will support the release of the token.