Per a press release shared with Bitcoinist, the name behind ChatGPT, Sam Altman, announced the competition of a $115 million Series C for Tools of Humanity (TFH). This company is behind another of Altman’s ambitions, the Worldcoin ecosystem.
Led by Blockchain Capital, and with the participation of some of the biggest venture companies in the space, a16z, Bain Capital Crypto, and Distributed Global. According to the release, the funds will allow Tools for Humanity to speed up the development of the Worldcoin project and its components.
1/ We’ve led the $115M round of @worldcoin!
Founders @alexblania and @sama are the perfect duo to scale a privacy-preserving identity protocol for the internet
More on our thesis and addressing the misconceptions below. ↓ pic.twitter.com/BLu3WVyVL7
— Blockchain Capital (@blockchaincap) May 25, 2023
Worldcoin Gets Capital Injection, AI Crypto Era Imminent?
Currently in its beta phase, the Worldcoin ecosystem was created to become the world’s largest “identity and financial network.” The capital raised in the Series C will allow TFH to boost its native wallet World and other parts of the ecosystem.
As Bitcoinist reported two weeks ago, the Worldcoin App is a key part of TFH’s goals as it operates as the manager of their ecosystem. Its simplified design was created to remove friction from using Worldcoin and onboarding more users onto the platform.
As of this writing, Worldcoin has onboarded a total of over 2 million users. This is still far beyond the number of active users operating on the Ethereum ecosystem, which stands at around 500,000 each day.
However, the newly injected capital could push the project closer to its goals. Akarsh Sanghi, Head of Product and Business Operations at TFH, told Bitcoinist the following on the funding round, hinting at the project’s capabilities to disrupt the way people interact with their data and personal finances:
During the age of AI, we need decentralized, privacy-preserving solutions that can prove humanness online and empower people across the world to take control of their identity and finances. The additional resources will help us continue to build and launch accessible and inclusive tools and technologies that provide opportunities for everyone in the world to fully participate in the growing digital and global economy.
Furthermore, Spencer Bogart, General Partner at Blockchain Capital, stated:
With World ID, Worldcoin has introduced a fundamental primitive that enables any application to seamlessly distinguish between machines (bots) and humans on the internet. This privacy-preserving protocol can help improve user-experience, enable new internet-based applications, and restore trust in digital communities. I’m excited to support Alex and Sam as a Tools for Humanity Board member.
In a separate post, the project’s leading investors claim that Worldcoin has the potential to become the leading platform to onramp people into crypto and unleash a new era for the internet.
Cover image from Unsplash, chart from Tradingview