World, co-founded by Sam Altman, raises $52.5 million in crypto token sale
World, the online verification startup co-founded by OpenAI’s Sam Altman and Alex Blania, has raised $52.5 million through a strategic crypto token sale of its WLD tokens. The funds will be directed to the World Foundation, based in the Cayman Islands, which is tasked with expanding the company's network. Investors participating in the 12-month lockup period include Pantera Capital and other major firms like Bain Capital Crypto and Susquehanna Crypto. World aims to address online verification challenges by offering a 'proof of human' system through its World ID. This includes an iris-scanning device called Orb, used at company offices and partner locations globally. The project was previously known as Worldcoin but rebranded amid broader crypto industry backlash. Despite recent partnerships with companies like Tinder and Ticketmaster, the startup has faced challenges in scaling its business. The token sale highlights continued interest in blockchain-based identity solutions despite market volatility. However, the company recently conducted layoffs, indicating ongoing operational difficulties.
Topics: cryptocurrency startup funding verification technology