CoinFund, a venture capital firm that supports the identity protocol Worldcoin (WLD), launched by OpenAI founder Sam Altman, talked about the project's potential to bring cryptocurrencies to billions of people around the world.
Jake Brukhman, founder and CEO of CoinFund, argued that Worldcoin aims to create a more inclusive and equitable distribution of cryptocurrency than Bitcoin, which is still concentrated among a relatively small group of users.
“Worldcoin is designed to be a global system that can engage billions of users in the crypto economy,” Brukhman said.
Worldcoin uses a new device called Orb that scans the iris of users to verify their identity and avoid duplicate requests. Scanning their eyes, users receive free Worldcoin (WLD) in their World App wallet, which they can use to participate in the administration of the network and access various financial services.
Altman claimed on Twitter that the project was growing rapidly, with a new user joining every eight seconds.
CoinFund, which invested in Worldcoin's Series A round in February 2021 along with other leading investors such as a16z and Multicoin Capital, said it is confident the project will overcome the challenges and criticism it faces, such as privacy and regulatory issues.
*Not investment advice.