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Worldcoin Secures $115 Million Series C Funding Amid Cryptocurrency Market Downturn

Tools for Humanity, the masterminds behind the Worldcoin project, have announced a $115 million boost from a Series C investment round. The funding, led by Blockchain Capital, included participation from a16z, Bain Capital Crypto, and Distributed Global. The ambitious cryptocurrency venture, co-founded by OpenAI CEO Sam Altman, managed to secure the hefty financial backing despite the broader downturn in the crypto market.

Surging Adoption Despite Black Market Concerns

The Worldcoin project, currently in its beta stage, is built around a decentralized World ID and the Worldcoin token. The company reports that nearly 2 million people have already onboarded the project. This funding will be instrumental in furthering research, development, and expansion efforts for Worldcoin and its accompanying World App. Interestingly, the announcement coincides with the emergence of a black market for Worldcoin credentials in China.

Worldcoin – Merging Privacy, Identity Verification, and AI

The CEO and co-founder of Tools for Humanity and Worldcoin contributor, Alex Blania, highlighted the importance of personal privacy in the era of AI. “As we embark on the age of AI, it’s critical that individuals can prove their humanness while maintaining personal privacy. In doing so, we can ensure that everyone can reap the financial benefits that AI is set to offer,” stated Blania.

Worldcoin’s Orb Stirs Controversy with Unique Biometric Feature

Worldcoin’s Orb, a unique biometric imaging device, has generated controversy due to its use for user verification. The device distinguishes humans from bots, a novel approach in the digital world.

Blockchain Capital’s View: Worldcoin’s Potential for Privacy and Trust in the Digital World

Despite initial reservations, Spencer Bogart, Blockchain Capital’s general partner, has affirmed the potential of Worldcoin’s World ID. After extensive review, he and his team discovered a “unique opportunity to establish and scale a new privacy-preserving primitive.” This technology can enable applications to differentiate humans from bots, potentially improving user experience on the internet, fostering new features, and restoring trust in digital communities.

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