• Blockchain Capital has funded Tools for Humanity with $115 million to advance the Worldcoin project.
• Worldcoin is a crypto project co-founded by OpenAI CEO Sam Altman and aims to establish a model for global wealth distribution akin to UBI.
• Funding will go towards bot detection, research and development, and broadening the Worldcoin project and its World App.
Blockchain Capital Funds Worldcoin Project
Tools for Humanity, the technology company behind crypto project Worldcoin, has received an influx of $115 million in series C funding led by Blockchain Capital. This new round of funding follows a successful raise of $100 million at a $3 billion valuation in March 2022. The funds will be used to advance an array of initiatives related to the Worldcoin project, notably a solution to the weakening bulwark of CAPTCHA tests against AI-backed bots.
Worldcoin was co-founded by OpenAI CEO Sam Altman and is backed by a team of veterans from renowned firms such as Electric Coin Company, Revolut, Uber, Block, Twitter, and Apple. It operates on the Ethereum (ETH) blockchain and is centered around two core components: the Worldcoin token and the World ID. The token is intended for global distribution while the ID is secured through biometric verification process.
Vision Behind Fundraising
The primary goal behind this fundraising initiative was to stem bots which have always been a bane for blockchain projects. Civic’s success served as inspiration for Tools for Humanity’s endeavor with Blockchain Capital General Partner Spencer Bogart revealing that most funds will be allocated towards bot detection research & development along with broadening both the project & its app ecosystem.
Worldcoin’s vision resonates with illustrious investors such as a16z Crypto, Bain Capital Crypto & Distributed Global who have expressed their faith in it despite bear market conditions in cryptos worldwide.
This new influx of funds serves as testament to both investor confidence in this promising crypto venture & its potential use cases across various industries including finance & social security systems like universal basic income (UBI).