Worldcoin Strikes Off-Ramp Agreement to Convert WLD Into Fiat

Sam Altman’s iris-scanning crypto project Worldcoin has partnered with Ramp, a fintech company offering non-custodial, full-stack payment infrastructure.

Worldcoin Strikes Off-Ramp Agreement to Convert WLD Into Fiat

Worldcoin provider, Sam Altman’s startup Tools for Humanity has reached an off-ramp partnership with Ramp, a financial technology company that offers non-custodial, full-stack payment infrastructure, to enable WLD token holders to convert their digital assets into fiat currency.

Initially, the crypto-to-fiat exchange within the World App will be available only through debit and credit cards. More payout options are to be added in the future.

“We’re incredibly proud to provide our on and off-ramping services to millions of people to enable the seamless conversion of their WLD into fiat. Moreover, we’re excited to contribute to Worldcoin’s mission to create a more accessible, human-centric digital economy, and we’re looking forward to continuing to build on this partnership.”

Szymon Sypniewicz, CEO at Ramp

Besides the fiat conversion function, the World App has introduced grant redemptions for reserved WLD tokens. This service is dedicated to those users who have not yet had their World ID fully verified. Reserved token grants can be redeemed within a year from the reservation date on one condition – if the individual’s World ID has been fully verified. The eligibility for WLD tokens depends on geography, age, and other factors.

The idea of Worldcoin is to create a worldwide blockchain-based identification system that would let people securely and simply access crypto services. With the help of the World ID system that requires iris-scanning, the startup created by OpenAI CEO Sam Altman also aims to prove the customer’s status as a unique and real human being in the world of sophisticated AI-generated bots.

The project began a global rollout in July 2023 and has since encountered legal scrutiny in France, Argentina and Kenya over privacy concerns. Its methods of rewarding people with crypto for collecting their biometric data, as well as the privacy policies, are questionable. The company stresses that WLD tokens are not intended to be available to U.S. residents, due to regulatory concerns.

Nina Bobro

1520 Posts 0 Comments

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.