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According to the Financial Times, WorldCoin is in advanced talks to raise new capital as it gets closer to launch in the next few weeks. The project aims to use iris-scanning technology to create a secure global cryptocurrency called WorldCoin.
Previous investors in Worldcoin include Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.
The firm was founded in 2019 and is working on digital identity technology using retina-scanning orbs.
In addition, a $100 million private token sale at the beginning of last year brought the total supply of WorldCoin tokens to $3 billion, reports Added.
Worldcoin launch imminent
Earlier this year, WorldCoin claimed to have one million signups and between 100 and 200 orbs operating at any given time.
“This is a bear market, a crypto winter. For a project in this sector to receive this amount of investment is remarkable,” said an FT source close to the project.
According to the firm, Orbs “use iris biometrics to establish a person’s unique personality, then create a digital World ID that can be used pseudonymously in a wide variety of daily applications without revealing the user’s identity.” “
GM Miami! The Orb World Tour has officially landed in Florida.
stop by the grand opening of @thecanvasglobalThe newest independent Web3 and Digital Creators Gallery is starting @ 6pm EST in Wynwood to verify your World ID, learn more about the protocol, and join the community! pic.twitter.com/OsxMuFLuZd
— worldcoin (@worldcoin) May 13, 2023
Users will be eligible for free WorldCoin tokens once their identity is established in the system.
However, there has been some criticism of the project over privacy issues related to biometrics. The company said it will not store personal data from iris scanning.
potential issues found
According According to TechCrunch, hackers have already managed to install malware on the devices of several Worldcoin Orb operators.
Password-stealing malware, such as Redline Information Stealer, was found to be stealing some of the credentials saved in the browser, including login details for the Orb Operator app.
On May 11, the Worldcoin Foundation announced Committed to supporting the Optimism Collective and bringing the World ID System into the Optimism ecosystem.
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