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Iris biometrics crypto project Worldcoin reportedly looks for $120M investment

Iris biometrics crypto project Worldcoin reportedly looks for $120M investment
 

The iris biometric cryptocurrency project known as Worldcoin is looking to sign a lead investor for a $120 million round, at a valuation of $3 billion, before the company launches this year.

That is according to digital-financial news-and-analysis publisher The Block, based on one anonymous source. Worldcoin, backed by VC Andreessen Horowitz, was co-founded by OpenAI Chief Executive Sam Altman.

The Block reportedly spoke to a person with inside knowledge of the matter for an investigation into Worldcoin. The deal would be a sale of equity and token warrants.

Notably, Worldcoin’s valuation after potentially closing the $120 million fundraise would be the same as last year when the company raised $100 million.

Worldcoin did not immediately respond to a Biometric Update request for comment, but the alleged search for fresh funds comes a couple of weeks after the company shared technical details of its open-source, iris-scanning Orb.

The device uses biometrics to “establish an individual’s unique personhood” and then creates a digital ID that can be used reportedly without revealing other details about the user’s identity.

The firm also recently published extensive documentation about Worldcoin, including plans to alleviate privacy concerns over Worldcoin’s ambition to collect iris information of every individual on Earth.

“Most of the Worldcoin protocol’s critical systems are designed in such a way that privacy cannot be compromised, even from Worldcoin and its contributors,” reads the company’s new privacy guide.

“This is achievable using cryptographically provable mechanisms such as Zero-Knowledge Proofs (ZKPs). Worldcoin uses ZKPs to make it mathematically impossible to link usage of World ID across applications. Privacy protections such as these go beyond regulatory requirements,” the documents state.

Another document designed to aid people in becoming Worldcoin operators, local businesses that would entice individuals to join the global economy through Worldcoin’s identity and financial network.

Worldcoin executives have said they intend to distribute their cryptocurrency token by June. According to the Worldcoin website, nearly 1.2 million people have registered their iris biometrics using the Orb and are waiting for their tokens.

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