The CEO of OpenAI, Sam Altman is in advanced discussions to secure $100 million in funding for Worldcoin. This project aims to create a globally distributed and collectively owned cryptocurrency.
On May 15, a Financial Times report cited sources familiar with Worldcoin’s funding talks, stating that a combination of existing and new investors will contribute to the $100 million funding.
The firm disclosed a Series A fundraising round headed by a16z during its initial launch, with participation from investors including Digital Currency Group, Coinbase Ventures, LinkedIn co-founder Reid Hoffman, and former FTX CEO Sam Bankman-Fried.
According to two people familiar with the situation, The Information reported in March 2022 that the company intended to acquire $100 million from investors through a private token sale.
According to one individual who knows the situation in the latest report, the potential new funding was significant, especially considering the prolonged bear market in the cryptocurrency industry.
“The amount of investment this project is receiving is remarkable, given the current bear market and crypto winter,” stated the source.
Alex Blania, Sam Altman, and Max Novendstern co-founded the Worldcoin project, which began development in early 2020.
Worldcoin executives have stated that the project’s goal is to address two issues arising from the increasing intricacy of artificial intelligence.
Following a beta testing phase, preparations are underway at Worldcoin to launch its blockchain protocol and commence recording transactions in the upcoming six weeks. Worldcoin introduced its gas-free cryptocurrency wallet for verified individuals on May 8.
Previously, Worldcoin team member Tiago Sada explained to Cointelegraph that the wallet was created with a focus on simplicity, providing an alternative wallet option.
Also Read: Worldcoin to Scan Eyes in Exchange for Free Cryptocurrency
