Global crypto on-ramp provider Ramp has teamed up with Worldcoin to offer direct Worldcoin (WLD) purchases to users worldwide, excluding the United States. With this, users around the world can buy the Worldcoin token using local currencies in countries without restriction.
This collaboration aligns with Ramp’s vision of empowering individuals to shape a fairer financial system. Worldcoin’s groundbreaking system revolves around the World ID, a unique identifier linked to a person’s iris scan, ensuring security and privacy.
By prioritizing genuine human users, Worldcoin promises to lead the way in digital identity solutions. The integration of Worldcoin on Ramp’s platform opens new opportunities for users, though regulatory restrictions prevent access for US residents initially.
As the partnership progresses, Ramp plans to provide on-ramp and off-ramp services for WLD, enhancing cryptocurrency liquidity and usability. This joint effort signifies a commitment to building a more equitable financial landscape that prioritizes verified human identities and digital interactions.
At the heart of Worldcoin’s groundbreaking system is the World ID, a unique identifier that is person-bound. This means each World ID is issued exclusively to the individual whose biometric iris scan forms the basis of its creation.
The utilization of iris scans is intended to deter fraudulent actors from stealing or acquiring World ID credentials that do not belong to them, while also ensuring a straightforward process for users to regain control in case of a lost or stolen World ID.
The concept of “proof-of-personhood” is central to Worldcoin’s identity verification process. This innovative approach relies on a custom biometric hardware device known as the Orb.
By using multispectral sensors, the Orb captures the distinct pattern of a user’s iris, which is more unique than even a fingerprint. This data is then converted into a cryptographic key, creating a World ID that verifies the user’s status as a unique human being.
While Worldcoin is expanding across the world, the UK’s data regulator, the Information Commissioner’s Office (ICO), is wary about the service promised by Worldcoin.
The ICO’s statement shows its vigilance in monitoring and examining Worldcoin’s innovative technologies to ensure data protection laws are upheld and potential risks are thoroughly assessed.