Worldcoin is a project that seeks to create a global financial and identity network as a public service, giving ownership to all. Its goal is to create universal access to the global economy regardless of country or origin, accelerating the transition to an economic future that welcomes and benefits every person on the planet.
Worldcoin Raises $115M From Top Crypto VCs
To accomplish this, Worldcoin proposes scanning each adult’s iris with a plastic sphere to verify they are human, rewarding them with a crypto token in return that could one day replace traditional income.
Worldcoin began in 2019, with Sam Altman, the former president of the influential accelerator Y Combinator, recruiting fintech entrepreneur Max Novendstern and physics Ph.D. student Alex Blania as founding members. Novendstern left the company in 2021. It was initially conceived as a venture that would promote universal basic income, or UBI, a concept that advocates giving everyone a fixed amount of money regardless of their circumstances. To participate in this scheme, users would have to undergo a scan that would verify their identity and eligibility for the crypto rewards.
Despite its strong backing, Worldcoin struggled during the bear market, with cryptocurrency prices plummeting, along with media reports alleging exploitation and corruption in launching the project in developing markets, extending its trial period. The growing enthusiasm for artificial intelligence, and especially for Sam Altman’s ChatGPT, gave Worldcoin a renewed purpose.
Worldcoin Fund Raising Was a Success
In March, Worldcoin released a new feature called World ID, a protocol that would allow other platforms to use Worldcoin’s “proof of personhood” system to act as a sort of digital credential system to distinguish between humans and bots.
Today, Worldcoin developer Tools for Humanity announced a $115 million Series C funding round led by crypto-native venture capital fund Blockchain Capital, with other investors including a16z crypto, Bain Capital Crypto, and Distributed Global. The company declined to provide a valuation.
