Sam Altman’s Tools for Humanity has successfully raised $115 million for Worldcoin, an initiative aimed at creating an identity and financial network through the distribution of free crypto tokens to individuals who agree to have their irises scanned.
The Series C funding round was spearheaded by Blockchain Capital, with participation from a16z crypto, Bain Capital Crypto, and Distributed Global. Worldcoin aims to achieve “universal access to the global economy regardless of country or background” and has already garnered over 1.7 million signups.
To facilitate this, Worldcoin has designed a token that is freely given to individuals simply for being unique. This token, along with other digital assets and traditional currencies, can be utilized for payments and transfers globally through the World App. To validate their uniqueness and receive the token, participants need to undergo an iris scan using a device known as “The Orb.”
When the project was announced in 2021, it sparked concerns about privacy, with figures such as Edward Snowden voicing criticism. In a blog post, Spencer Bogart of Blockchain Capital expressed initial concerns, describing the initiative as “Orwellian in nature” and a troubling mix of hardware, biometrics, and cryptocurrency. However, after further examination, Bogart has since asserted that “World ID is a privacy-preserving identity protocol that does not collect or store anyone’s biometric information.”
Alex Blania, CEO of Tools for Humanity and co-founder of the project, stated, “As we embark on the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanness. In doing so, we can help ensure that everyone can realize the financial benefits that AI is poised to deliver.”