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Sam Altman’s crypto project Worldcoin gets more coin in latest $115M raise

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welcome back chain reaction.

got coin? No? Well, WorldCoin did.

Tools for Humanity, the team that created Worldcoin, raised $115 million in a Series C round led by Blockchain Capital.

The crypto-focused project was co-founded by OpenAI CEO Sam Altman with a three-part mission: create a global ID, a global currency and an app that enables payments, purchases and transfers using its tokens – With other cryptocurrencies and traditional assets.

Worldcoin has faced some concerns from people concerned about privacy risks because it requires scanning the eyes of a billion people with a five-pound colored sphere called “the Orb” in exchange for its token.

“For good reason, people tend to be concerned and sensitive when it comes to biometrics – especially when you add a dose of crypto,” Spencer Bogart, general partner at Blockchain Capital, wrote in a post on Wednesday.

“However, what’s really happening under the hood is that the orb takes a picture of an iris and the device subsequently generates a unique encoding of the randomness of the iris (an ‘iris code’),” Bogart said. “By default, the original biometric is destroyed immediately and the iris code is the only thing left of the orb.”

While the public may be hesitant, investors are still diving into the project as it is one of the few crypto companies that is still receiving a large amount of capital amidst the ongoing bear market.

Other investors in the Series C round include a16z, Bain Capital Crypto and Distributed Global. In March 2022, Worldcoin raised $100 million at a $3 billion valuation.

In 2021, Alex Blania, CEO of WorldCoin, told TechCrunch that the currency is part of a larger effort to drive a more integrated and equitable global economy driven by the internet economy, something cryptocurrencies haven’t done particularly well in their first several years. Caught.

The latest increase will go towards bot detection, research and development and expanding its WorldCoin project and applications. Worldcoin is currently in beta testing and has approximately two million users across five continents.

Bogart and Blockchain Capital believe that WorldCoin could become the biggest onramp for crypto and that WorldApp could become the most widely adopted crypto wallet. This is all TBD.

web3 this week

Arrington Capital-backed group to acquire Celsius Assets

Following the bankruptcy process, the assets of failed crypto lender Celsius Network are about to be acquired by a consortium called Fahrenheit. Behind this name you will find a group of bidders led by investment firm Arrington Capital. Other members of the consortium are crypto mining firm US Bitcoin Corp, Proof Group, Steven Kokinos and Ravi Kaza.

Here’s a Look at Wolf’s First Group of Bitcoin-Powered Startups (TC+)

Wolf’s Clothing (Wolf), a startup accelerator launched by asset management firm Stone Ridge, seeks to strengthen bitcoin-focused applications and use cases. Its first cohort, Wolfpack 1, comprised of eight teams and 23 founders from 10 countries, presented their ideas during a demo day on Wednesday, covered exclusively by TechCrunch+.

Montenegro court overturns Terraform founder Du Kwon’s bail

A higher court in Montenegro overturned a previous lower court ruling that would have released Terraform Labs founder Do Kwon on bail. The decision comes nearly two weeks after Montenegro’s Basic Court agreed to release detained Kwon and his former aide Chang-joon Han on bail.

Mastercard sees ‘a lot of promise’ in blockchain technology if security and simplicity are prioritized (TC+)

While the Web 3 world has seen a significant influx of capital, innovation and talent, more work needs to be done to ensure traditional players – as well as newcomers – can confidently enter the ecosystem. “People tend to look at crypto and think of it as an investment, but there is a whole sector that holds great promise for the financial industry as a whole,” said Raj Dhamodharan, Mastercard’s EVP and head of crypto and blockchain, during a blockchain-focused panel. more useful.” at the company’s North America Innovation Day event. “The technology itself holds a lot of promise.”

Solana Launches ChatGPT Plug-in To Help Users Interact With Its Network (TC+)

As the artificial intelligence market heats up, many crypto players – big and small – are taking the dive. The Solana Foundation, the non-profit organization behind layer-1 blockchain Solana, has officially integrated AI into its network with the ChatGPT plugin. —developed by Solana Labs, the team exclusively told TechCrunch+. (Solana Labs is the team building products and tools for blockchain.)

latest pods

For last week’s episode, Jacqueline Interview sergei nazarovCo-founder of Chainlink, a protocol that provides an oracle network to power smart contracts.

Chainlink is also known as a Web3 service platform that connects people, businesses and data to the Web3 world. And for good reason — it has enabled over $7 trillion in transaction volume across DeFi, gaming, NFTs and other major industries.

Prior to co-founding Chainlink, Nazarov co-founded four other businesses, most recently SmartContract – which focused on smart contracts.

We discussed smart contracts, oracle networks, cross-chain interoperability, and many things related to Nazarov’s long-term vision for Chainlink.

We also delve into:

  • unexpected smart contract use cases
  • cryptographic guarantee
  • How traditional companies can mark assets
  • AI and blockchain technology
  • CCIP Update

agree chain reaction But apple podcast, Spotify Or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!

follow the money

  1. Spread Capital launches $40M fund focused on decentralized infrastructure
  2. Decentralized science startup LabDAO raises $3.6 million
  3. OpenForce Raises $3 Million To Build “Frictionless” Crypto Accounts For Gamers
  4. Institutionally focused digital asset platform PYOR raises $4 million
  5. App automation platform Fastlane raises $2.3 million

This list was compiled from information from Messari as well as TechCrunch’s own reporting.

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