OpenAI CEO Sam Altman is said to be in advanced talks to raise $100 million for his crypto venture Worldcoin.
Founded in 2019, Worldcoin has developed a range of crypto products in recent years. But as things stand, the company is dramatically outpaced by its founder’s other project: OpenAI.
Worldcoin Launches Crypto Wallet
Sunday’s unveiling follows a major product release from Worldcoin earlier this week.
Launched Monday, World app the crypto wallet of the Worldcoin ecosystem. It can be used to verify identity with World ID. And it can be used to send and receive Worldcoin and other digital assets.
World ID is a digital passport that allows users to prove their identity as a unique person without sacrificing their anonymity by revealing too much personal information.
Towards biometric crypto verification
The ultimate goal of the Worldcoin project is to bring the kind of biometric verification standards common to banking apps, for example, to the world of crypto. To date, crypto wallets have lagged behind their counterparts when it comes to implementing biometric authentication
In other words, Tools for Humanity, the company behind the project, hopes to preserve the privacy and accessibility of cryptocurrencies, which do not require official documents or identification numbers to transact with. However, Altman’s vision is to introduce stronger user authentication based on biometric authentication.
To do this, the company has developed a biometric imaging device known as the Orb. But the Orb does not link biometric profiles to other identifying factors, as is done in the traditional financial world. Instead, it is simply a means of verifying humanity.
The data it collects is then recorded on the Polygon network. But it is not aligned with other identifiers, such as a user’s name.
As reported in the Financial timesthe new capital arrives at a time when Tools for Humanity is accelerating the release of new products.