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The Worldcoin Foundation, led by Sam Altman, is expanding its cryptocurrency services globally despite facing regulatory challenges in the US. Based in Berlin and San Francisco, the start-up announced that its technology, including the Worldcoin token, will be available in 35 cities across 20 nations. Worldcoin, a blockchain-traceable cryptocurrency, can be accessed by users after verifying their identity. A significant aspect of this initiative is the use of an eye-scanning physical “orb” to distinguish between humans and robots, given the increasing presence of AI technology. However, US regulators’ concerns about speculation and fraud with cryptocurrencies prevent the initial launch of Worldcoin tokens in the US.
Sam Altman stated, “When we started thinking about this, we didn’t think it would end up as ‘world minus the US coin’ and here we are. I’d say there’s 95% of the world’s population not in the US. The US does not make or break a project like this.”
While Worldcoin expands its services, the advancement of AI technology, exemplified by OpenAI’s ChatGPT, occurs alongside significant turmoil in the crypto space. Last year, the industry faced a crisis of confidence, leading to the downfall of major players like FTX and Celsius. Consequently, regulators have intensified their efforts to crack down on speculative crypto projects.
Despite these regulatory challenges, Worldcoin managed to secure approximately $250 million in investments from various sources, including venture capital groups Andreessen Horowitz and Khosla Ventures, Reid Hoffman (internet entrepreneur), and Sam Bankman-Fried (prior to the collapse of FTX).
Due to regulatory scrutiny in the US, Worldcoin refrains from disclosing extensive details about its commercial ambitions. However, Tiago Sada, the head of product, affirms that “all our products are for-profit,” and the company plans to generate revenue through various wallets and experiences.
Worldcoin intends to retain 20% of all issued tokens to support Orb production, initial protocol development, ecosystem development, and maintenance.
Despite the initial reluctance towards eye-scanning technology, Sam Altman believes that with proper explanation, Worldcoin can earn users’ trust. He stated, “On crypto, there have been a lot of bad actors and that’s a real shame… we have to earn people’s trust, which is why we’re explaining so much about how the technology works and the road map for decentralizing the company.”
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