Blockchain & Crypto

OpenAI CEO Raises $100M for Iris-Scanning Crypto

Worldcoin will use iris-scanning technology for a worldwide identification system that would let people securely and simply access crypto services

iris-scanning crypto


As the Financial Times reported Sunday (May 14), OpenAI CEO Sam Altman has secured funding for his upcoming iris-scanning crypto project Worldcoin ahead of its launch.

Founded in 2019, the Worldcoin ecosystem aims to create “the world’s largest identity and financial network as a public utility, giving ownership to everyone.” The project website claims it already has almost 1,7 million sign-ups for the new crypto.

The ecosystem will be based on World ID, which is a privacy-first protocol that brings global proof of identity to blockchain. It smain goal is proving you’re a unique and real person in the world of sophisticated AI-generated bots without sharing personal data like names or e-mails, thus, enabling true and trusted anonymity in the decentralized financial systems.

Currently, World ID includes phone number verification for easy access and Orb biometric verification for extreme accuracy.

Earlier this month, Worldcoin introduced the World App digital wallet said to be designed for expanding the availability of digital identity and global finance. It can authenticate customers with World ID, which is used to seamlessly sign in to websites, mobile apps and crypto dApps.

The Worldcoin users can also utilize the wallet to deposit, save and withdraw Worldcoin tokens, track balances, trade crypto at decentralized exchanges and send digital money anywhere. Besides, people in eligible countries will be also able to get their Worldcoin Grant, as long as their IDs are verified with the World App’s ID function.

At the same time, World App differs from many other crypto wallets. It will not strive for multi-functionality or being a super app. The wallet also doesn’t aim to support every crypto token, function or configuration. Instead, it is designed by TFH [Tools for Humanity] to focus on a minimal set of key functionalities “for Worldcoin and Ethereum to keep things simple and familiar so anyone can use them.”

Altman has a a controversial and somewhat utopian vision for his project, aiming for the Worlcoin crypto token to provide a universal basic income, being distributed in equal quantity to everyone in the world.

We have previously interviewed Jack Jia about his vision for the crypto of future.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.