Worldcoin developer raises $115 million led by Blockchain Capital
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Tools for Humanity, lead developer of the Worldcoin project, announced the completion of a $115 million fundraising led by Blockchain Capital.
The news confirms an earlier report, published by The Block in February, that Worldcoin planned to raise up to $120 million. At the time, people familiar with the matter suggested the raise would value the project at $3 billion — similar to the previous round — but no valuation was disclosed in today’s announcement.
San Francisco-based Tools for Humanity was co-founded by Alex Blania, Max Novendstern and Sam Altman, CEO of ChatGPT developer OpenAI. Its purpose is to further the Worldcoin project – a bold attempt to create a cryptocurrency that is global in scope and available to anyone who has verified that they are a real person. The main method of doing so is to be scanned by one of Worldcoin’s orbs.
The project builds towards the launch of the Worldcoin token, which company representatives have repeatedly earmarked for the first half of this year.
The time of AI
The funding will be used to further develop the recently launched World App, a wallet dedicated to the Worldcoin ecosystem, as well as for continued R&D and growth, according to the announcement.
In addition to Blockchain Capital – an American crypto investment company with around $2 billion under management – a16z crypto, Bain Capital Crypto and Distributed Global also participated in the round.
“As we enter the age of AI, it is critical that individuals are able to maintain their privacy while proving their humanity. By doing so, we can help ensure that everyone can realize the economic benefits that AI is poised to deliver,” Alex Blania, CEO and co-founder of Tools for Humanity, said in a statement.
Builds momentum
According to Worldcoin’s website, 1.7 million people – most of them in the Global South – have already had their identities verified and are ready to claim their share of the token when it launches.
The project has proved controversial since it received sharp criticism from privacy advocates when it was first unveiled. More recently, the developers were forced to roll out new measures to combat the onset of a black market for Worldcoin credentials.
Nevertheless, momentum continues to build. The Block revealed in March that Worldcoin had struck a deal with manufacturing giant Jabil to ramp up production of iris-scanning bullets. With the World app launching in May and new capital on hand, everything looks set to go live for the token.
© 2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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