Business News Report
December 28, 2023

Sam Altman’s Worldcoin Launches in Singapore After Global Expansion Challenges

In Brief

Worldcoin announced its launch in Singapore, allowing users to confirm their identity using the project’s custom hardware device, Orb.

Worldcoin Expands Into Singapore Amid Challenges in Other Countries

Cryptocurrency project Worldcoin co-founded by OpenAI’s CEO Sam Altman, officially announced its launch in Singapore. Users in Singapore will now have the option to confirm their unique identity using an Orb, the custom hardware device developed by the project.

As indicated on Worldcoin’s website, there are presently five locations in Singapore where individuals can undergo the verification process.

Worldcoin additionally announced that, along with World ID verifications, project’s primary developer company, Tools for Humanity (TFH) has joined two prominent startup and tech associations in Singapore: ACCESS, social mobility non-profit organisation that provides career exposure opportunities for disadvantaged students and the Singapore Fintech Association (SFA).

The Worldcoin project is an identity-focused initiative utilizing its Orb devices to scan individuals’ irises for the purpose of “verifying their humanness.” The project additionally provides WLD tokens as an incentive to enroll individuals in the protocol.

Although the price of WLD initially experienced a significant decline after launch, it has since rebounded and is currently trading at $3.70, at the time of writing. Over 2.4 million people have voluntarily undergone iris scans using the company’s Orb devices since it launch in 2023. 

Worldcoin Faces Expansion Obstacles Globally 

The launch of Worldcoin in various countries globally this year has attracted scrutiny in Kenya, Britain, Germany, and France due to its controversial practices.

In the recent update, the project temporarily halted operations in India and concluded registration services in Brazil and France, clarifying that its initiatives in Brazil and France were initially intended as limited previews until a more extensive rollout in 2024.

In another development, the Worldcoin Foundation announced a temporary reduction in Orb-verified proof of personhood services in India. This adjustment is part of the protocol’s efforts to develop and implement a customized, secure and orderly process that adequately addresses the demand.

Worldcoin’s expansion into Singapore and Tools for Humanity’s strategic move to join Singapore entities reflect the project’s persisting global ambitions, despite recent challenges the project faced in other countries.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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