Can Worldcoin’s $100 million funding launch a global economic transformation?
Worldcoin is set to launch fully with a $100 million funding round. The project, which is led by OpenAI’s CEO Sam Altman, has been under development and is in its beta version. It is also supported by a16z.
Worldcoin is an open-source protocol supported by a global community of developers, individuals, economists and technologists. Worldcoin is building a worldwide identity and financial network to create universal access to the global economy, benefiting everyone. The Worldcoin Foundation is the steward and will support and grow the community until it becomes self-sufficient.
Some of the applications already being developed in the Worldcoin ecosystem include World ID, a digital identity for users that provides privacy as well; Worldcoin, the proposed first token to be given to everyone around the world, for both utility and future governance; and World App, a platform for payment, purchases, and transfers around the world using the Worldcoin token, digital assets, and traditional currencies.
$3 billion valuation from previous investments
Prior to the recent plans to raise $100 million, the project had a previous investment round that included Andreessen Horowitz (a16z) and Khosla Ventures, with a valuation of $3 billion. In 2021, a16z led a $25 million Series A funding on Worldcoin of which Digital Currency Group, Coinbase Ventures, and Multicoin were part.
According to the website, the World App, the wallet project of Worldcoin, was launched. The app deploys “account abstraction through SAFE contracts to increase security and simplicity”. Users can perform peer-to-peer payments via ENS username, and trade tokens via the Uniswap protocol. For now, this beta version runs on the Polygon network but will be moved to an Ethereum rollup soon.
Worldcoin has attracted more than 1.6 million sign-ups around the world with a monthly active user base of over 500,000.
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