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Tools for Humanity acquires digital wallet developer to build up World App

Tools for Humanity acquires digital wallet developer to build up World App
 

Digital wallet startup Ottr Finance has been acquired by Worldcoin ecosystem developer Tools for Humanity, to work on the World App.

Aleksei Zakharov, Ottr Finance CEO, says in a Medium post on the acquisition that the deal combines the respective expertise of the two teams to deliver benefits in digital identity and finance.

Ottr Finance was founded only 18 months ago, and is made up of a team of seven people. Their self-custody wallet has racked up more than 25,000 monthly users with U.S. bank integration the company says is seamless, gas-free transfers and trading, passwordless cloud backup, and its own dApp store.

Many of the hundreds of thousands of people being onboarded by Worldcoin are new to web3, the company points out.

The World App digital wallet and consumer application is up to 3 million monthly users, and its development will now be led by Ottr Finance.

The company will now sunset its Ottr Wallet to focus solely on the World App.

The terms of the acquisition were not disclosed.

Tools for Humanity recently struck a deal to integrate World ID with super app Kresus, which includes a digital wallet.

Worldcoin’s ecosystem developments efforts have included a grant program that recently selected 28 developers’ projects.

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