Worldcoins $115M Funding Round Led by Blockchain Capital and Sam Altman

Worldcoins $115M Funding Round Led by Blockchain Capital and Sam Altman


Tools for Humanity raises $115 million in series C funding led by Blockchain Capital to develop a new primitive for the internet to distinguish between machines and humans, and expand its Worldcoin project, among other things.

Tools for Humanity, the technology company behind Worldcoin, announced today that it has raised s$115 Million in series C financing led by Blockchain Tech Financial resources. The financing will go toward a variety of projects, including an alternative to the oft-derided CAPTCHA test.

“It was this idea of creating a new primitive for the internet that can enable any app  to easily and quickly distinguish betwixt machines and humans, or bots and humans,” Blockchain Tech Financial resources General Partner Spencer Bogart informed Decrypt in an interview. “That was something that took me working more closely with our engineering team to really appreciate how big of a challenge that already is.”

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Bots have been a thorn in the side of blockchain tech and digital currency projects for a long time.

“[CAPTCHA] has been fairly effective for distinguishing betwixt bots and humans,” Bogart stated. “That’s no longer the case with more advanced automated systems, especially things being powered by AI.”

Other corporations looking to fight the use of bots to scam and cheat include Civic, which launched a suite of tools last summer to stop bots from taking unfair advantage of Non-Fungible Token (NFT) falls by limiting the number of wallets an account can use.

Nevertheless Bogart did not say how much Blockchain Tech Financial resources invested in the round, other investors joining the raise included a16z cryptocurrency, Bain Financial resources Cryptocurrency, and Distributed Worldwide. Along with bot detection, Tools for Humanity reveals the funds will go towards research and development and expanding the Worldcoin project and World App.

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San Francisco, Calif.-based Tools for Humanity boasts a growing team that includes previous employees of the Electric Coin Company, Revolut, Uber, Block, Twitter, and Apple.

The notice of the raise comes a week after a report by the Financial Times stated Worldcoin co- founder and OpenAI CEO Sam Altman was in “advanced talks” on a new financing round with an initial target of $100 million.

As of now in beta, Worldcoin is an Ethereum-based crypto token designed to facilitate something akin to a universal basic income for people worldwide. The project intends to become the world’s largest and most inclusive identity and financial network, built around World ID and the Worldcoin crypto token, with the eventual goal of becoming a DAO-like entity with decentralized decision-making.

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Although while Worldcoin reveals United States citizens and those living in “other restricted areas” cannot receive Worldcoins, the company reveals it has onboarded nearly two Million users across 5 continents.

The project faced pushback almost instantly when the WorldID project announced that it would utilize retina scans to verify the account holder was human and not a bot in an process dubbed Proof of Personhood.

Tools for Humanity has stated that the eyeball scans are destroyed once processed. Still, skeptics, including famed whistleblower Edward Snowden, are not ready to give that level of trust to a tech company.

Regardless of its detractors, Bogart reveals the team at Blockchain Tech Financial resources has seen enough to be satisfied that Tools for Humanity will do as they said.

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“Hopefully, [Worldcoin] can provide more information in an open nature that will give more people that assurance,” Bogart stated. “It’s a major hurdle for them—it’s something they have to get over because in the end people should be skeptical up until they feel confident that that’s essentially the case.”

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