According to sources familiar with the situation, this substantial investment will come from a mix of existing and new investors.
When Worldcoin was initially announced, it managed to attract significant attention and secured Series A funding led by a16z, a prominent venture capital firm. Notable investors like Digital Currency Group, Coinbase Ventures, former FTX CEO Sam Bankman-Fried, and LinkedIn co-founder Reid Hoffman also joined the funding round.
In March 2022, reports emerged suggesting that Worldcoin was in the process of raising $100 million through a private token sale. The recent news about ongoing funding talks marks a major milestone for the project, especially considering the current challenging market conditions and the overall downturn in the cryptocurrency industry.
The Worldcoin project was founded by a team consisting of Alex Blania, Sam Altman, and Max Novendstern, and it began its journey in early 2020. The main objective of the project is to tackle the increasing complexity of artificial intelligence and its associated issues.
Excitingly, the Worldcoin team has been making significant progress, and they are planning to launch their blockchain protocol and start recording transactions within the next six weeks. The project has already undergone rigorous testing in a beta phase, demonstrating a strong commitment to ensuring a reliable and high-quality product.
In a significant update, Worldcoin launched its own crypto wallet on May 8. The wallet is specifically designed to be user-friendly and stands out by not imposing transaction fees on its users. It aims to offer a straightforward and convenient alternative for individuals who have completed the verification process.
This new development reflects Worldcoin's commitment to enhancing user experience and accessibility within the cryptocurrency ecosystem. By introducing a user-friendly wallet that eliminates transaction fees, the project strives to simplify the process for individuals who have undergone verification and contribute to a hassle-free cryptocurrency experience.
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