Sam Altman’s Crypto Company Raises $115M Led By Blockchain Capital

Key Points:

• OpenAI CEO Sam Altman has secured $115 million for a crypto company he co-founded in a Series C fundraising deal sponsored by Blockchain Capital.
• Worldcoin is a concept that attempts to provide everyone with a crypto token merely for being unique.
• According to the company, the initiative has already onboarded roughly 2 million users.

The company behind Worldcoin, Tools for Humanity, has secured $115 million in a Series C fundraising round headed by Blockchain Capital, with participation from a16z, Bain Capital Crypto, and Distributed Global. OpenAI CEO Sam Altman co-founded Worldcoin, a decentralized open-source technology.

The nine-figure fundraising round is unusual in the midst of a prolonged crypto bear market that has reduced venture capital investment in the area to a trickle. The news coincides with the emergence of an illicit market for Worldcoin credentials in China.

Alex Blania, Max Novendstern, and Sam Altman co-founded Tools for Humanity in San Francisco. Its goal is to propel the Worldcoin project forward, an ambitious endeavor to develop a cryptocurrency that is worldwide in scope and accessible to anybody who has validated their identity. The primary technique is to be scanned by one of Worldcoin’s orbs.

Since late last year, Altman and OpenAI, the firm behind ChatGPT, have been in the limelight, as interest in artificial intelligence has grown by leaps and bounds.

Worldcoin is presently in beta and is based on the decentralized World ID and Worldcoin token. According to the firm, approximately 2 million individuals have already signed up for the initiative. The funds will be used to boost research, development, and expansion activities on the Worldcoin project and the World App, the Worldcoin ecosystem’s first crypto wallet.

According to Worldcoin’s website, the cryptocurrency will be unavailable to residents of the United States and a few other nations.

Worldcoin’s recent fundraising was also attended by investors such as a16z crypto, Bain Capital Crypto, and Distributed Global.

After a bruising 2022 in which numerous crypto businesses failed, notably the stunning meltdown of Sam Bankman-Fried’s FTX, the digital asset industry is attempting to recover momentum.

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