The money raised will be used to fund the recently released World App cryptocurrency wallet as well as the decentralized World ID. The round’s investors include the venture capital firms A16z Crypto, Bain Capital Crypto, and Distributed Global.
Worldcoin, a cryptocurrency initiative, has raised $115 million in a Series C round of fundraising, with Blockchain Capital serving as the main investor. The money will be used to support Worldcoin’s decentralized World ID and World App, their just-launched cryptocurrency wallet.
Venture capital firms including Andreessen Horowitz, Bain Capital Crypto, and Distributed Global, in addition to Blockchain Capital, took part in the fundraising round, further validating the goals of Worldcoin.
Tackling AI Complexity with World ID
By offering a decentralized alternative for establishing proof of personhood in the digital era, World ID, the flagship project of Worldcoin, seeks to address the issues brought on by the increasing complexity of artificial intelligence (AI). In order to ensure the proper and ethical usage of AI systems, challenges like identity verification and trust are becoming increasingly important as the technology develops.
Worldcoin’s World ID program aims to give users a safe and dependable way to confirm their identities online. World ID gives people the ability to create their own distinctive digital identities while preserving their privacy and maintaining control over their personal data by utilizing blockchain technology and cryptographic methods.
Introduction of the World App Wallet
The World App, a gas-free cryptocurrency wallet made for verified users and compatible with both the Android and iOS operating systems, was just released by Worldcoin. The wallet, which is presently operating on the Polygon network, enables users to store and send a number of cryptocurrencies, including wrapped Bitcoin (wBTC), Dai, Ether (ETH), Worldcoin (WLD), and USD Coin (USDC).
For on-ramps and off-ramps within the wallet, Worldcoin has partnered with licensed cryptocurrency exchanges Moonpay and Ramp. The program also allows users to send and receive cryptocurrency using phone numbers from their contacts and has a built-in interaction with Uniswap for coin swapping.
According to the Worldcoin website, regional restrictions prevent users from purchasing the WLD token in the United States and a few other nations.