Worldcoin Raises $115 Million in Series C Funding Round to Develop Unique Open-Source Protocol
Worldcoin, a crypto ID project backed by CEO Sam Altman of OpenAI, has raised $115 million in a Series C funding round led by Blockchain Capital. Other participants in the funding round include a16z, Bain Capital, and Distributed Global. The project falls under the umbrella company of Tools for Humanity and is a unique open-source protocol that involves scanning people’s irises. According to its website, the biometrics are captured by the Worldcoin Orb, an imaging device that captures users’ irises and high-resolution images of their bodies and face.
Worldcoin has had a controversial start since it first leaked in mid-2021, with reports of security lapses. However, despite that, the platform claimed to have exceeded a million signups and between 100 and 200 Orbs operational at any given time. The high-profile project also gained tremendous traction in China more recently. Reports alleged that fraudsters are purchasing iris scans from the black market to register on the platform. In response, Worldcoin said that the company does not have an issue with iris scans on the black market but revealed the detection of numerous cases of fraud involving its digital passport, the verification protocol that is used to determine real identities. Prior to this, hackers were able to install password-collecting malware onto the devices of WorldCoin operators, as reported by TechCrunch.
The project plans to utilize the hefty funding to further develop its open-source protocol to address security concerns and to scale its services further.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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