OpenAI CEO Sam Altman Supports Worldcoin Following Report of Raising $50 Million
Posted: December 15, 2023 10:51 AM Updated: December 15, 2023 10:51 AM
Correction and fact check date: December 15, 2023, 10:51 AM
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Sam Altman has backed his vision for cryptocurrency project Worldcoin, following reports that the company is seeking $50 million in funding.
OpenAI CEO Sam Altman said he has decided to support his cryptocurrency project Worldcoin amid news that the company is seeking to secure $50 million in funding.
Sam Altman collaborated with Alex Blania and Max Novendstern to co-found the cryptocurrency initiative and online platform Worldcoin. The venture uses an open-source protocol designed to integrate AI technology with cryptocurrency and blockchain to allow universal access to the global economy.
More than 2.6 million individuals registered to receive iris scans through Worldcoin’s “old” devices and received digital IDs and free cryptocurrency in return.
Altman appeared as part of a virtual Q&A hosted by fintech-focused investment bank FT Partners on Thursday, a week after Tools for Humanity, the company behind Worldcoin, reportedly sought to raise $50 million from investors.
As reported by The Block, the fundraising plan involves selling the project’s cryptocurrency tokens at a discount.
Notably, the company previously raised $115 million in a Series C funding round led by Blockchain Capital with participation from a16z crypto and Bain Capital Crypto.
Increased scrutiny on Project Worldcoin amid fundraising
“In a world with a lot of AI, it becomes increasingly important to know who humans are,” Altman said, emphasizing the growing importance of distinguishing between humans in a world saturated with artificial intelligence. He emphasized his belief that the ability to uniquely identify individuals is becoming increasingly important as AI takes on an increasingly pivotal role in our lives.
Since its launch in July, Worldcoin has been under scrutiny from regulators in the UK and Germany, both of which have expressed their intention to investigate the cryptocurrency project.
For simplicity and in line with the decentralized nature of other cryptocurrencies, Worldcoin operates without central supervision and allows users to make decisions collectively, away from centralized entities such as traditional banks. Development of this project took place over two years, reflecting a meticulous approach to design and functionality.
At its core, Worldcoin seeks to address income inequality through the introduction of a unique World ID.
Moreover, Worldcoin’s data collection has raised concerns among regulators and privacy advocates, particularly regarding users’ consent to aggregate all their data under a single entity.
In response, Worldcoin claims that the project maintains complete confidentiality, ensuring that biometric data is erased or stored securely in an encrypted format.
However, concerns still remain about the possibility that iris scans could be traded illegally on the black market, potentially facilitating unauthorized access to Worldcoin accounts.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.