According to reports, OpenAI chief, Sam Altman is in “advanced talks” in securing a $100 million funding for the Worldcoin crypto project. The $100 million will come from a combination of “existing and new investors.”
The Worldcoin project aims to develop a crypto token that is distributed globally and owned by everyone. When the project was unveiled, it received funding from a16z, Digital Currency Group, Coinbase Ventures, and LinkedIn co-founder Reid Hoffman. The project also received funding from former FTX CEO, Sam Bankman-Fried.
The Information reported in March 2022 that the company allegedly raised $100 million from investors through a secret token sale. One source informed that the possible fresh funding was sizable given the prolonged crypto winter.
When will the OpenAI-backed crypto launch?
The Worldcoin project was co-founded by Alex Blania, Sam Altman, and Max Novendstern, and work began in early 2020. The project’s goal, according to Worldcoin executives, is to “tackle two problems” brought on by the development of artificial intelligence.
Within “the next six weeks,” Worldcoin plans to introduce its blockchain protocol and start recording transactions. Beta testing for the project has been ongoing for a while. Worldcoin debuted its own gas-free cryptocurrency wallet for verified humans on May 8.
Worldcoin plans to deploy eyeball-scanning technology to establish a global identity system. They claimed that it would enable everyone on a global scale to access the crypto. The World App, which was created for the Worldcoin ecosystem, may be used to transmit digital currency anywhere, receive Worldcoin tokens, and authenticate using World ID.
The token will be available for weekly or monthly claims from users in countries that qualify. According to WorldCoin, users in the U.S. are not supposed to own the asset.
The Ethereum blockchain and related technologies like account abstraction, ENS usernames, and Uniswap are the main drivers behind World App and Worldcoin. While the final version will utilize Ethereum rollups, the beta relies on Polygon. For deposits and withdrawals in fiat, the project also uses Ramp and MoonPay.