Sam Altman, the chief executive officer (CEO) of OpenAI, is currently in advanced discussions to obtain $100 million in funding for Worldcoin, a collective and globally distributed cryptocurrency project.
According to the Financial Times, the $100 million funding for Worldcoin will come from a combination of previous and new investors.
During its initial launch, Worldcoin disclosed a Series A fundraising round led by a16z, with the participation of Digital Currency Group, Coinbase Ventures, Reid Hoffman (LinkedIn co-founder), and former FTX CEO Sam Bankman-Fried.
In March 2022, The Information reported, citing two sources familiar with the matter, that Worldcoin planned to raise $100 million from investors through a private token sale.
A source familiar with the matter indicated that the prospect of new funding was noteworthy, given the extended crypto bear market.
“The amount of investment this project is receiving is remarkable, given the current bear market and crypto winter,” the source stated.
Alex Blania, Sam Altman, and Max Novendstern co-founded the Worldcoin project, which began development in early 2020.
Worldcoin’s executives claim that the project aims to address two issues arising from the increasing complexity of artificial intelligence.
Worldcoin is gearing up to launch its blockchain protocol and start recording transactions within six weeks after completing beta testing. On May 8, Worldcoin introduced a gas-free cryptocurrency wallet for verified individuals.
Earlier, Worldcoin team member Tiago Sada mentioned that the wallet was designed for simplicity, providing an alternative for users.
Compiled by Coinbold