ChatGPT creator starts looking for $100 million for Worldcoin crypto project

Startup Worldcoin is creating an iris-based user identification system to access coins. According to the developers, it will allow to distinguish a person from a bot

Sam Altman, the head of artificial intelligence chatbot company OpenAI, is in talks with investors to raise about $100 million for the cryptocurrency project Worldcoin. It was reported by The Financial Times, citing its sources. The developers plan to launch the project within the next few weeks.

Worldcoin was founded by Altman and Alex Blania in 2019. It plans to use eye-scanning technology to identify users.

The developers of Worldcoin say it will solve two problems that have arisen with the development of artificial intelligence (AI) technology. The system will distinguish between humans and bots. And it would also provide a form of universal basic income that could compensate for the job losses caused by the widespread adoption of AI.

The technology scans the iris and from this creates a digital World ID for the user. Which he will be able to use in a wide range of everyday applications without revealing his identity, the company claims. Worldcoin also claims that it will not store iris scans. And it eliminates the risks of losing sensitive data.

The creators of the project promise that once a user creates an ID. He will then be able to get Worldcoin tokens for free. The project, launched in beta, is preparing to roll out the blockchain. And start conducting transactions within the next six weeks.

The group of investors from whom Altman expects to raise $100 million includes both old and new entrants, the publication’s sources said, without naming specific companies. The company’s previous investors include Khosla Ventures and crypto fund Andreessen Horowitz. FTX founder Sam Bankman-Fried and Internet entrepreneur Reed Hoffman have also previously funded the project.

In February, the media reported that Altman was in talks to raise $120 million with a project valuation of $3 billion. In both cases, Worldcoin declined to comment on fundraising reports.

Our experts note that despite the general decline in investment in the cryptocurrency industry, AI-related projects are attracting widespread attention from investors. In late March, crypto project Fetch.ai raised $40 million to develop artificial intelligence (AI) from investment firm DWF Labs.