Worldcoin is in advanced talks to raise new capital as it approaches launch in the next few weeks, according to the Financial Times. The project aims to use iris scanning technology to create a secure global cryptocurrency called Worldcoin.
Previous investors in Worldcoin include Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.
The company was founded in 2019 and works on digital identification technology using retina-scanning orbs.
Additionally, a $100 million private token sale early last year valued the total supply of Worldcoin tokens at $3 billion, the report added.
The launch of Worldcoin is imminent
Earlier this year, Worldcoin claimed to have surpassed one million signups and between 100 and 200 Orbs operational at any given time.
“It’s a bear market, a crypto winter. It’s unusual for a project in this space to get this amount of investment,” said a FT source close to the project.
According to the company, the orbs use “iris biometrics to establish an individual’s unique personality, then create a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user identity.”
gm miami! The Orb world tour has officially landed in Florida.
Stop by the grand opening of @thecanvasglobalWynwood’s newest independent web3 & digital creator gallery starting @ 6pm EST to verify your World ID, learn more about the protocol and join the community! pic.twitter.com/OsxMuFLuZd
— Worldcoin (@worldcoin) May 13, 2023
Users will be eligible for free Worldcoin tokens once their identity has been established in the system.
However, the project has received some criticism over privacy issues related to biometrics. The company states that it does not store personal data from iris scans.
Possible Issues Found
According to TechCrunch, hackers have managed to install malware on the devices of several Worldcoin Orb operators.
Password-stealing malware, such as the RedLine information stealer, has been found to steal some credentials stored in browsers, including login details for the Orb operator app, it said.
On May 11, the Worldcoin Foundation announced a commitment to support the Optimism Collective and bring the World ID system to the Optimism ecosystem.
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