$52.5 Million Lockup: World Foundation Expands Digital Identity Network Amid AI Boom
World Foundation, an independent non-profit organization co-founded by OpenAI CEO Sam Altman, has raised $52.5 million in a one-year locked token sale to strategic investors. The funding round was led by Pantera Capital and included other prominent investors such as Bain Capital Crypto and Selini Capital.
The funds will be used to expand the World Network, a decentralized digital identity and financial network that uses iris scanning technology to verify human identities. This technology is becoming increasingly important as artificial intelligence development accelerates and AI chatbots become more prevalent online.
World Foundation's rebranded project, previously known as Worldcoin, has come under scrutiny in the past due to concerns over privacy risks. However, the organization argues that its World ID provides a 'digital passport' that proves a user is human and not an AI chatbot.