OpenAI Founder Sam Altman To Raise $100 Million In New Funding For Worldcoin

Key Points:

• Worldcoin plans to use iris-scanning technology to create a global identification system.
• OpenAI founder Sam Altman is in talks to secure $100mn for Worldcoin.
• The company’s approach tackles distinguishing between humans and bots and providing a form of universal basic income.

OpenAI’s Sam Altman is reportedly close to securing $100mn for Worldcoin, which uses iris-scanning technology to create a global currency.

OpenAI founder Sam Altman is reportedly in talks to secure approximately $100mn in funding for his plan to use iris-scanning technology to create a secure global cryptocurrency called Worldcoin. According to the Financial Times, Worldcoin is in advanced talks to raise fresh cash as it prepares to launch in the next few weeks.

Worldcoin was founded by Altman and Alex Blania in 2019, with plans to use eyeball-scanning technology to create a global identification system that could be used to gain free access to its global currency, Worldcoin.

The company’s approach tackles two problems raised by the increasing sophistication of artificial intelligence: distinguishing between humans and bots and providing a form of universal basic income that might offset job losses caused by AI. Key to the company’s plans is an orb that “uses iris biometrics to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in various everyday applications without revealing the user’s identity,” according to the company.

Once users have established their identity, they can receive free Worldcoin tokens, the company said. However, Worldcoin has received criticism on various issues, notably that biometric scanning poses privacy risks.

A section of its website addressing concerns about the orb asserts that the company will not store iris scans and that the device will not hurt users’ eyes. With the continued decline of crypto tokens and projects, Worldcoin’s success could be a rare bright spot in the sector.

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