OpenAI, a digital economy focused firm led by Sam Altman, has successfully secured $100 million to fund its ambitious iris-scanning cryptocurrency project, Worldcoin. Founded in 2019 by Altman and Alex Blania, Worldcoin offers individuals worldwide a global identity system based on eye-scanning technology that provides access to digital currencies.
In addition to the recently launched World App, a digital wallet designed to facilitate financial inclusion, the Worldcoin ecosystem also supports World ID for authentication, and the ability to send digital money anywhere. With its cutting edge technology, Worldcoin, is hoping to redefine how how digital identities and transactions are operated.
It is no secret that the cryptocurrency market has been experiencing a downwards trend. To that end, it is important to differentiate between investments that are purely driven by investors’ speculative appeals and projects such as OpenAI that are serious about creating a successful platform for digital currency transactions. Brendan Berry, Head of Payments Products at enterprise crypto provider Ripple, spoke to digital economy-focused news site PYMNTS recently. He believes that it is a great time to be a “builder” as the industry is gaining more confidence with its healthy skepticism of investments on the whole.
In terms of consumer adoption, PYMNTS research shows that many businesses are increasingly looking to blockchain technology to speed up cross-border transactions. At the same time, over 50% of businesses harbor reservations due to the risk of uncertainty surrounding regulations. Despite these apprehensions, Berry has remained optimistic about the adoption of crypto to help facilitate the speed of these transactions.
Overall, OpenAI’s efforts to revolutionize digital identities and transactions with their advanced eye-scanning technology are a positive development for the cryptocurrency market. With their Worldcoin project and its recent successes, OpenAI are making strides to further the industry and push the boundaries on innovation.
