Following the stunning success of OpenAI, another project backed by its CEO Sam Altman has closed a significant funding round amid a dismal year for crypto investments.
The Worldcoin project raised $115 million in a Series C funding round led by Blockchain Capital. Other participants in the funding round include a16z, Bain Capital, and Distributed Global.
Worldcoin, which falls under the parent company Tools for Humanity, is a unique open-source protocol that involves iris scanning.
According to its website, the biometrics are captured by the Worldcoin Orb, a recording device that captures users’ irises and high-resolution images of their bodies and faces.
Worldcoin has had a controversial start since it was first mentioned in mid-2021. Despite reports of security breaches, the platform claimed to have surpassed one million registrations.
The controversial project has also recently gained significant traction in China.
Reports indicate that scammers are purchasing scanned irises from the black market to register on the platform.
In response, Worldcoin stated that the company has no issues with iris scanning on the black market but revealed the detection of numerous fraud cases involving its digital passport, a verification protocol used to determine real identities.
Previously, TechCrunch reported that hackers managed to install malware to collect passwords on WorldCoin operators’ devices.
