• Worldcoin, a crypto project co-founded by OpenAI CEO Sam Altman, has received an influx of $115 million in series C funding led by Blockchain Capital.
• The funds will be used to advance initiatives such as a new solution for the weakening bulwark of CAPTCHA tests against AI-backed bots.
• Founded by Sam Altman, Worldcoin aims to establish a model for global wealth distribution akin to universal basic income (UBI), and operates on the Ethereum blockchain with two core components: the Worldcoin token and World ID.
Worldcoin Receives Major Funding Boost
On May 25, the technology company behind Worldcoin, Tools for Humanity, announced an influx of $115 million in series C funding led by Blockchain Capital. This follows a successful raise of $100 million at a $3 billion valuation in March 2022. These funds are poised to advance an array of initiatives, notably a new solution to the weakening bulwark of CAPTCHA tests against the relentless onslaught of AI-backed bots.
Who is Behind Worldcoin?
Worldcoin is co-founded by OpenAI CEO Sam Altman and backed by veterans from renowned firms such as Electric Coin Company, Revolut, Uber, Block, Twitter and Apple. This team believes that they can establish a radical new model for global wealth distribution akin to Universal Basic Income (UBI).
How Does Worldcoin Work?
Worldcoin operates on the Ethereum (ETH) blockchain and is centered around two core components: the Worldcoin token and the World ID. The former is distributed worldwide while the latter serves as each user’s unique digital identity tied to biometric process verification.
Investors Believe In Vision
The venture’s vision has been supported by illustrious investors such as a16z Crypto, Bain Capital Crypto and Distributed Global. Furthermore Blockchain Capital General Partner Spencer Bogart commented that most of this new funding will go towards bot detection research and development as well as broadening scope of the project with its “World App” feature.
Conclusion
The recent influx in funding marks an important milestone for world coin’s journey towards establishing UBI on their platform powered by Ethereum blockchain technology . With this financial boost it seems likely that their ambitious mission will become ever closer to reality soon enough!