Worldcoin is in advanced talks to raise new capital ahead of its launch in the coming weeks, according to the Financial Times. The project aims to use iris scanning technology to create a secure global cryptocurrency called Worldcoin.
Previous Worldcoin investors include crypto fund Andreessen Horowitz, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.
The company was founded in 2019 and works on digital identification technology using retina scanning orbs.
Additionally, a $100 million private token sale early last year valued the total Worldcoin token supply at $3 billion, the report added.
Imminent launch of Worldcoin
Earlier this year, Worldcoin claimed to have surpassed one million registrations and between 100 and 200 operational orbs at any given time.
“It’s a bear market, a crypto winter. It’s remarkable for a project in this space to get such an investment,” said an FT source close to the project.
According to the company, the orbs use “iris biometrics to establish an individual’s unique personality, then create a digital global identifier that can be used under a pseudonym in a wide variety of everyday applications without revealing the identity. user identity”.
GM Miami! Orb’s world tour has officially landed in Florida.
Stop by the grand opening of @thecanvasglobalWynwood’s newest gallery of freelance web3 and digital creators starting at 6:00 PM EST 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 entitled to free Worldcoin tokens once their identity is established in the system.
However, the project has received some criticism over privacy issues related to biometrics. The company said it would not store personal data from the iris scan.
Potential issues detected
According At TechCrunch, hackers have already managed to install malware on the devices of several Worldcoin Orb operators.
Password-stealing malware, such as the RedLine infostealer, has been detected stealing some of the credentials stored in browsers, including carrier app login credentials Orb, he noted.
On May 11, the Worldcoin Foundation announcement a commitment to supporting Optimism Collective and bringing the World ID system to the Optimism ecosystem.
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