OpenAI boss Sam Altman is reportedly in “advanced talks” of securing $100 million funding for Worldcoin, a project aimed at creating a collectively owned and globally distributed cryptocurrency.
A Financial Times report published on May 15, which cited sources with knowledge of Worldcoin’s funding talks, stated that the $100 million will be sourced from a mix of “existing and new investors.”
When it was first revealed to the world, the startup boasted a Series A funding round led by a16z, with investors that also included Digital Currency Group and Coinbase Ventures as well as former FTX CEO Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman.
In March 2022, a report from The Information claimed that the firm was raising $100 million from investors through a private token sale, citing two people with knowledge of the matter.
In the most recent report, one person familiar with the matter said the potential new funding was sizeable, given the extended crypto winter.
“It’s a bear market, a crypto winter. It’s remarkable for a project in this space to get this amount of investment,” the source said.
Cointelegraph reached out to Worldcoin but did not receive an immediate response.
Worldcoin was co-founded by Alex Blania, Altman and Max Novendstern, with work on the project beginning in early 2020.
According to Worldcoin executives, the aim of the project is to “tackle two problems” raised by the growing complexity of artificial intelligence.
Meanwhile, Worldcoin is preparing to launch its blockchain protocol and commence recording transactions within “the next six weeks,” after having been operating in beta.
On May 8, Worldcoin launched its own gas-free crypto wallet for verified humans.
Worldcoin team member Tiago Sada previously told Cointelegraph that the wallet was launched so “there is an alternative wallet that is focused just on simplicity.”