World, founded by Sam Altman, raises $52.5 million in funding

World (formerly Worldcoin), a biometric identification startup co-founded by OpenAI CEO Sam Altman, has raised $52.5 million from strategic investors. The capital was secured through the sale of the project's private WLD tokens, as reported by Techcrunch.com reports.

A 12-month lockup period has been set for investors participating in the funding round. This means buyers cannot sell or exchange their tokens for one year. Company representatives stated that this long-term restriction reflects investor confidence in the future growth and utility of the World project.

The venture capital firm Pantera Capital, which specializes in digital assets, acted as the lead buyer. Other major companies, including Eightco Holdings, Bain Capital Crypto, Susquehanna Crypto, and Selini Capital, also invested in the project. The funds will be directed to the Cayman Islands-based World Foundation, which focuses on expanding the World network.

Prove you are human

The World project is managed by Tools for Humanity, and its primary goal is to create a "proof of human" system on the internet. In an era where content generated by AI and bots is increasing, verifying that a real person is behind an account is becoming increasingly important.

To pass the highest level of system identification, users must scan their irises using a specialized device called the Orb. This metallic, spherical device converts the unique image of a human eye into a cryptographic identifier. Currently, such devices are installed in partner stores and company offices in many countries around the world.

The project was initially known as Worldcoin, but was rebranded to World against the backdrop of general negative sentiment in the cryptocurrency sector. Nevertheless, the project's main asset remains the WLD token. Users can store and trade this token via a dedicated app.

Global plans and challenges

To expand its reach, World has established partnerships with popular platforms such as Tinder and Ticketmaster. However, despite its global ambitions, the project faces several challenges. In particular, many users are hesitant to provide their biometric data, which is slowing down the project's adoption.

Additionally, in June of this year, Tools for Humanity was forced to reduce its staff. The newly raised $52.5 million is expected to help the project develop its infrastructure and introduce new standards for digital identity verification in the age of AI.