OpenAI CEO Sam Altman has successfully secured $100 million in funding for worldcoin, an innovative iris-scanning cryptocurrency project that works with global digital identity access.
The funding secured by Worldcoin comes despite the challenging conditions prevailing in the crypto market.
AI-powered digital identity
Worldcoin, founded in 2019 by Altman and Alex Blania, aims to establish a worldwide digital identification system accessible to every individual through the use of advanced eyeball-scanning technology.
Just recently, Worldcoin unveiled its World App, a digital wallet designed to expand the availability of digital identity and global finance.
The World App, tailored to the Worldcoin ecosystem, allows users to authenticate with World ID, acquire worldcoin tokens, and seamlessly send digital money anywhere.
According to a blog post by Worldcoin, the World App stands out as a unique wallet that focuses on simplicity and familiarity, and working with worldcoin and ethereum. This approach is intended to help users navigate the application.
In a conversation with PYMNTS, Brendan Berry, head of payments products at Ripple, acknowledged the turmoil experienced so far in the cryptocurrency industry.
However, he emphasized that this period of healthy skepticism presents an ideal opportunity for innovators and builders to bring real solutions to the market, separating hype from genuine advancements
AI gaining traction globally
Artificial intelligence (AI) has been gaining traction globally and the web3 space is not an exception.
Major players such as Binance have embraced AI by recently integrating it into Binance Academy, to enhance users’ learning experiences. Even e-commerce giant Amazon has recognized the value of AI, and the company is reportedly exploring its potential.
It is also worth mentioning that OpenAI, the organization behind the creation of ChatGPT, is leading groundbreaking projects in the AI domain. OpenAI CEO Sam Altman’s involvement in Worldcoin further underlines the potential of AI to reshape and advance the crypto landscape.
As AI continues to make its mark globally, web3 industry experts have predicted that the technology could be a game changer in decentralized applications (dApps) development.
Last month, reports emerged that staunch dogecoin (DOGE) supporter, Elon Musk has incorporated an AI-focused company named X.AI Corp. in the United States.
Despite the current buzz around artificial intelligence, crypto proponents like Galaxy Digital’s Mike Novogratz have buttressed the need for proper regulation of the burgeoning tech, to curb its use by bad actors.
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