Blockchain Capital Leads $115M Funding Round for Sam Altman's Crypto Project Worldcoin
Scheduled for release in the first half of this year, the contentious project is preparing to launch its token.
Because Bitcoin
May 25, 2023
The Block reported that the completion of a $115 million funding round, spearheaded by Blockchain Capital, has been announced by Tools for Humanity, the lead developer of the Worldcoin project. This news confirms earlier reports from The Block in February, which stated that Worldcoin aimed to raise up to $120 million. While no valuation was disclosed in the recent announcement, sources had previously suggested a $3 billion valuation, consistent with the project's previous round.
Tools for Humanity, based in San Francisco, was co-founded by Alex Blania, Max Novendstern, and Sam Altman, the CEO of OpenAI, the company behind ChatGPT. Their objective is to drive the Worldcoin project forward—an ambitious endeavor to create a global cryptocurrency accessible to individuals who have verified their real-world identity. The project's primary method involves individuals getting scanned by one of Worldcoin's orbs.
The recently launched World App, a dedicated wallet for the Worldcoin ecosystem, will undergo further development with the infusion of funds, as announced. The funding will also be utilized for ongoing research and development initiatives and to support overall growth.
In addition to Blockchain Capital, a prominent American crypto investment firm managing around $2 billion in assets, notable participants in the funding round included a16z crypto, Bain Capital Crypto, and Distributed Global.
"With the dawn of the AI era, it is crucial that individuals can maintain their personal privacy while verifying their humanity. By doing so, we can ensure that everyone can reap the financial benefits that AI is poised to bring," stated Alex Blania, CEO and co-founder of Tools for Humanity.
As per the information provided on Worldcoin's website, a significant number of individuals, totaling 1.7 million, have successfully undergone identity verification. Most of these individuals are located in the Global South region. They are now prepared to claim their portion of the token once it is launched.
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