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OpenAI CEO Sam Altman Secures Backing for Worldcoin: Iris-Scanning Cryptocurrency Venture

OpenAI CEO, Sam Altman, secures potential $100 million funding for Worldcoin, an iris-scanning cryptocurrency, amid a challenging crypto market.

OpenAI Co-Founder & CEO Sam Altman. (Photo by Steve Jennings/Getty Images for TechCrunch)

Mon, 15 May 2023, 11:58 am UTC

Sam Altman, the Chief Executive Officer of OpenAI, has reportedly secured substantial financial backing for his upcoming iris-scanning cryptocurrency venture, Worldcoin.

Insiders revealed on May 14 that ongoing discussions are taking place for Worldcoin to receive a $100 million investment prior to its final release, offering a ray of hope amidst the challenging phase faced by the digital currency industry.

Altman, in collaboration with Alex Blania, established Worldcoin in 2019 with an ambitious objective. The project aims to implement ocular scanning technology as a global identification mechanism, enabling universal access to cryptocurrency for individuals worldwide.

Worldcoin recently achieved a significant milestone by launching a digital wallet earlier this month. The company claims that the wallet is designed to enhance digital identity accessibility and global financial transactions. The World App, specifically tailored for the Worldcoin ecosystem, allows authentication with World ID, acquisition of Worldcoin tokens, and facilitates the transfer of digital currency across borders.

In a recent blog post, Worldcoin stated, "The World App is a unique type of wallet. While it may not encompass every feature or support every token available in the crypto space, it is intentionally designed by TFH [Tools for Humanity] to focus on a select set of core functionalities for Worldcoin and Ethereum, ensuring simplicity and user-friendliness."

Meanwhile, during a discussion with crypto media outlet PYMNTS regarding the application of cryptocurrency in B2B payments, Brendan Berry, the leader of payment products at Ripple, a corporate crypto solution provider, acknowledged the volatility within the industry.

Reflecting on the past year, Berry commented on the series of layoffs, bankruptcies, and declining consumer interest. Approaching the future "with grounded skepticism," they analyze currencies driven by speculative hype versus those that genuinely address customer problems.

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