Financial Times reports that Worldcoin is in talks to raise fresh capital as it gears up for its launch in the coming weeks. The project is developing a secure global cryptocurrency called Worldcoin that leverages iris-scanning technology.
Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman have invested in Worldcoin in the past.
The firm, which was established in 2019, has been developing digital identification technology that uses retina-scanning orbs. Last year, a $100 million private token sale valued the total supply of Worldcoin tokens at $3 billion, the report added.
Worldcoin Soon to Launch
Earlier this year, Worldcoin claimed to have more than one million signups, with between 100 and 200 orbs operational at any given time.
“It’s a bear market, a crypto winter. It’s remarkable for a project in this space to get this amount of investment,” said an FT source close to the project.
According to the company, the orbs utilize “iris biometrics to establish an individual’s unique personhood, then create a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity.”
gm Miami! The Orb world tour has officially landed in Florida.
Stop into the grand opening of @thecanvasglobal‘s newest independent web3 & digital creator gallery in Wynwood starting @ 6pm EST to verify your World ID, learn more about the protocol & join the community! pic.twitter.com/OsxMuFLuZd
— Worldcoin (@worldcoin) May 13, 2023
Users will receive free Worldcoin tokens once their identity is established in the system. However, the project has faced criticism over privacy issues related to biometrics. The firm has stated that it will not store personal data from iris scanning.
Potential Issues Discovered
According to TechCrunch, hackers have already installed malware on the devices of multiple Worldcoin Orb operators. The article notes that password-stealing malware, such as the RedLine information stealer, has been detected pilfering some of the credentials saved in the browsers, including login details for the Orb operator app.
The Worldcoin Foundation announced on May 11 its support for the Optimism Collective and its commitment to bringing the World ID system to the Optimism ecosystem.
