Worldcoin ecosystem grows as firm faces continued regulatory concerns

Worldcoin is growing its ecosystem, as fraudsters are caught trying to sell accounts and another regulatory investigation begins. A digital asset platform and exchange have each added support for the company’s cryptocurrency. Meanwhile, several people in Singapore have been busted trying to sell others’ accounts and assets, and a Colombian regulator is the latest to look into Worldcoin’s handling of personal data.

World Chain network gets support of the Fireblock digital asset platform

Fireblocks, a platform designed for the movement, storage, and issuance of digital assets for enterprises, has expanded its support to include the World Chain network. This introduction enables Fireblocks’ users to store Worldcoin (WLD) tokens in the Fireblocks Vault and transfer them across the Fireblocks Network.

In addition to Fireblocks, other infrastructure providers, such as Alchemy, a platform for blockchain development, and Elliptic, a provider of blockchain analytics and risk management solutions, have also entered into partnerships with World Chain. Worldcoin states that more similar partnerships are in progress, and they are expected to be announced in the coming weeks.

“Fireblocks is an important and exciting new addition to the World Chain network. Their trusted digital asset infrastructure will allow World Chain to quickly and securely scale around the world on day one,” says Remco Bloemen, head of blockchain at the Worldcoin Foundation.

Malaysian digital asset exchange Hata to include Worldcoin

Hata, licensed by the Securities Commission Malaysia and the Labuan Financial Services Authority, will integrate WLD into its extensive range of supported cryptocurrencies. This will enable users in the country to buy, sell, send, and receive WLD.

Furthermore, alongside Worldcoin, Hata has also incorporated Cosmos (ATOM) and Polkadot (DOT) into its offerings. “We are the first regulated DAX in Malaysia to launch trading of this digital asset. This allows Malaysians to explore and diversify their digital asset portfolios in a regulated environment,” says David Low, chief executive officer of Hata.

Illegal trading of Worldcoin accounts in Singapore

Illicit trading of Worldcoin accounts has been discovered in Singapore, where lineups of people waiting to sign up have accumulated.

The accused individuals – four men and one woman – were found to be involved in the buying and selling of Worldcoin accounts or tokens that did not belong to them. These individuals allegedly paid others, including migrant workers, to create Worldcoin accounts by undergoing iris biometrics scans and compensated them with cash, reportedly around $45 per account, per The Straits Times.

The authorities have seized over 200 mobile phones and various other items as evidence. If the accused individuals are found guilty of this offense, they could face several penalties, such as a fine of up to $125,000, imprisonment for a maximum of three years, or both. The arrested suspects range in age from 27 to 52.

Biometric security and data privacy concerns raised in Colombia

Worldcoin recently expanded into two Colombian cities, Bogota and Medellin. Nearly 1,000 Colombians got verified with the Worldcoin network within 36 hours of its launch, the Rest of World reports. More locations have been added across four cities in the Latin country.

However, the Superintendency of Industry and Commerce (SIC) has informed citizens that its delegation for the protection of personal data is investigating to ensure the handling of personal data within the national territory.

The SIC advises citizens to consider the consequences of allowing Worldcoin to access their iris biometric data. This follows ongoing investigations of Worldcoin operations and bans in several countries.

The inquiry into Worldcoin’s activities in Colombia is ongoing despite the fact that Tools for Humanity had engaged Orza, a lobbying firm, approximately two months prior to the launch to arrange meetings with officials and regulators to advocate for the technology.

“We proposed the operation should start in Colombia after having a first proactive dialogue with the country’s authorities, so it didn’t take them by surprise,” Gonzalo Araujo, co-founder of Orza, told Rest of World.

In addition to privacy concerns, experts are questioning whether the company will establish a local presence in Colombia or operate solely from its headquarters in Germany and the United States.

Article Topics

biometrics  |  cryptocurrency  |  data privacy  |  data protection  |  digital ID  |  iris biometrics  |  World  |  World Chain  |  World ID