Tools for Humanity, the tech company behind Worldcoin, has raised $115 million in a Series C round led by Blockchain Capital.
a16z crypto, Bain Capital Crypto and Distributed Global also participated in the round.
Funds will go towards developing a number of projects including an alternative to CAPTCHA.
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Tools for Humanity (TFH), the technology company behind Worldcoin, has raised $115 million in a Series C round led by Blockchain Capital, with participation from a16z crypto, Bain Capital Crypto and Distributed Global.
This news comes after the Financial Times reported on May 15 that the Worldcoin projectwas in talks to raise $100 million.
According to Decrypt, the newly raised funds will go towards developing a number of projects, including an alternative to CAPTCHA as well as research and development and further expansion of the Worldcoin project and World App.
Blockchain Capital General Partner Spencer Bogart told Decrypt that the idea of creating “a new primitive for the internet that can enable any application to easily and quickly distinguish between machines and humans, or bots and humans” was what attracted the VC firm to invest in the round. He added that CAPTCHA is no longer as effective in distinguishing between bots and humans as it used to be due to AI-powered advanced automated systems.
“During the age of AI, we need decentralized, privacy-preserving solutions that can prove humanness online and empower people across the world to take control of their identity and finances. The additional resources will help us continue to build and launch accessible and inclusive tools and technologies that provide opportunities for everyone in the world to fully participate in the growing digital and global economy,” Akarsh Sanghi, Head of Product & Business Operations at Tools for Humanity, said in a statement.
The Worldcoin project, reportedly founded by OpenAI CEO Sam Altman, aims to distribute an AI-funded universal basic income (UBI) cryptocurrency to all individuals around the world willing to have their iris scanned by ‘the Orb,’ an open iris imaging device developed by TFH, to create the world’s largest financial and identity system. The project has drawn criticism from NSA whistleblower Edward Snowden and Coindesk for its shady approach to privacy practices.
In March, Worldcoin unveiled its new proof-of-personhood protocol, World ID, and the SDK that will allow developers to integrate the protocol into their platforms. The crypto wallet, World App, is also part of the Worldcoin project. Launched globally this month, the World App allows users to receive monthly Worldcoin grants using their verified World ID. However, citizens of the U.S. and other restricted areas cannot send and receive Worldcoin.
The Worldcoin Foundation claims that the World App boasts more than 1.6 million sign-ups in beta and over 500,000 monthly active users. It will soon be deployed on the OP mainnet to expand access to more users.
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