Sign up to receive free updates on Cryptocurrencies news. Every morning, we’ll send you a myFT Daily Digest email summarizing the latest developments in the Cryptocurrencies industry. You may recall that I recently attended the Financial Times’ “Next Web” conference in Amsterdam, which brought together technology and finance experts. It was interesting to see that many fintech enthusiasts at the conference were moving away from cryptocurrencies and focusing on artificial intelligence (AI).
However, Sam Altman, the CEO of OpenAI, seems to be going against the tide. His new project, the Worldcoin Foundation, launched globally on Monday. This ambitious initiative offers a traceable cryptocurrency on the blockchain, with users required to prove their identity using an eye-scanning physical orb. Throughout the summer, the foundation plans to increase its availability in over 35 cities worldwide. The goal is to create a global identification system that can support the distribution of various financial services and social aid programs, including universal basic income.
While some may have thought that cryptocurrencies were being overshadowed by AI, the Worldcoin Foundation’s efforts could signify a shift towards mainstream acceptance. The cryptocurrency industry has struggled to achieve significant scale since the launch of Bitcoin in 2009 and fulfill its promise of banking the unbanked. However, driven by the unstoppable wave of AI, the situation could finally be changing.
Interestingly, the Worldcoin Foundation may face resistance not only from those who have turned away from cryptocurrencies but also from crypto advocates themselves. Many individuals and projects in the crypto industry still hold onto the core beliefs of privacy, limited government intervention, and financial freedom. The Worldcoin project, with its centralized nature and focus on identity verification, goes against the decentralized and trustless ethos of the industry. Some industry professionals argue that the project wouldn’t receive as much attention and funding if it weren’t associated with Sam Altman’s name and reputation in Silicon Valley.
Altman acknowledges the potential concerns, including the discomfort associated with eye-scanning technology. However, he questions why the government hasn’t already taken on these responsibilities and emphasizes that Worldcoin is stepping in where governments have fallen short.
It remains to be seen how the crypto community will react to the Worldcoin Foundation’s efforts. If successful, Altman may have to address the objections of those who value privacy and decentralization within the industry.
What are your thoughts on Worldcoin? Feel free to email me at [email protected].
In other news, cyber security firm SonicWall has reported a significant increase in cryptojacking attacks worldwide, with a 399% rise in the past year. Europe and the UK have experienced the highest number of attacks. Additionally, the US House of Representatives’ financial services committee has passed a new proposal that aims to regulate digital assets, marking a potential milestone for the crypto industry. Leading blockchain analytics firm Chainalysis has announced a collaboration with Deloitte, focusing on anti-money laundering and know your customer (KYC) standards.
Lastly, Sam Bankman-Fried, former CEO of FTX, received a bit of good news this week. The Bahamian government, where he was initially extradited from, has decided not to pursue certain charges against him, including campaign contribution violations. This development may have positive implications for Bankman-Fried’s legal situation in the US.
Coinbase and Binance, two major players in the crypto spot trading market, have had different experiences this year. While Binance has seen a significant decrease in market share, Coinbase has managed to maintain its position relatively well despite regulatory challenges.
This week’s edition of Cryptofinance is edited by John Aglionby. We welcome your thoughts and feedback at [email protected].
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