Sam Altman's Worldcoin Secures $115M in VC, Hopes to Grow From 2M Users to Billions
Benzinga - Murtuza Merchant
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Sam Altman’s crypto initiative, Worldcoin, has raised $115 million in a Series C funding round.
Blockchain Capital and Tools for Humanity (TFH), which Altman co-founded, are among the backers, along with a16z crypto, Bain Capital Crypto, and Distributed Global.
The new funds are expected to support the expansion of the Worldcoin project and the further enhancement of the World App, a wallet tailored for the Worldcoin ecosystem.
Worldcoin, currently in its beta phase, is vying to evolve into the largest, most inclusive global identity and financial network.
Constructed around World ID and the Worldcoin token, the project is designed to function as a public utility accessible to everyone, irrespective of their socio-economic background.
Worldcoin, which boasts about two million users across five continents, is moving towards decentralization in the areas of governance, engineering, operations, and grant-making activities via the nonprofit Worldcoin Foundation.
TFH co-founder and CEO Alex Blania emphasized the importance of preserving personal privacy when it comes to artificial intelligence and expressed optimism that the new funding and talent influx at TFH would assist in expanding the protocol's reach from its present user base to billions in the future.
Spencer Bogart, General Partner at Blockchain Capital, lauded Worldcoin's World ID feature. This privacy-preserving protocol could enhance user experience, pave the way for new internet-based applications, and restore faith in digital communities, he explained.
The World App claims to be one of the fastest-growing self-custodial wallets globally.
More than 1.5 million people have joined the beta phase of the World App, handling over 60,000 transactions daily and boasting 600,000 monthly active users.
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