Worldcoin's Potential Partnerships with PayPal and OpenAI

Twitter icon  •  Published 2 months ago  •  Nikolas Sargeant

Tools for Humanity, the entity behind Sam Altman's iris-scanning venture, Worldcoin, has hinted at upcoming collaborations with major players in the technology and finance sectors, as per Bloomberg reports.

Alex Blania, CEO of Tools for Humanity, suggested possible partnerships with OpenAI, stating, "There's some natural alignment in how we might work together." However, Blania emphasized that nothing definitive has been announced yet. Conversations with PayPal have also occurred, although no concrete progress has been made.

While both PayPal and OpenAI have refrained from commenting immediately, Worldcoin has a history of partnering with prominent tech firms. Last year, it collaborated with cybersecurity firm Okta to develop a "sign in with Worldcoin" authentication service, providing developers with an alternative to existing solutions from Apple and Google.

Three Arrows participated in Tools for Humanity's $25 million funding round in October 2021, which valued the company at $1 billion. FTX cofounder Sam Bankman-Fried also invested early.

Understanding Worldcoin

According to its official website, Worldcoin is envisioned as a "free, privacy-preserving, open protocol" to establish the world's largest identity and financial public network.

Worldcoin seeks to combat challenges posed by bots and deepfakes by verifying users' "humanness" through an iris scan. This scan converts biometric data into a secure numerical code. This code, combined with an algorithm, generates a unique World ID stored in the user's World App. As an incentive, users receive Worldcoin tokens, currently valued at around $5, for participating in scans.

Tiago Sada, head of product for Tools for Humanity, highlights the importance of ensuring that proof of personhood remains open-source, decentralized, and privacy-preserving.

However, Worldcoin's use of iris scans has faced regulatory hurdles, with several European countries banning the technology due to data privacy concerns. Presently, Germany stands as the sole market where biometrics are collected.

Critics have also raised questions about Sam Altman's involvement, noting potential conflicts of interest given his ties to both Worldcoin and OpenAI.

Despite these challenges, Worldcoin Foundation aims to boost adoption through initiatives like World Chain, a permissionless, open-source layer 2 blockchain slated for launch in mid-2024. This blockchain will integrate closely with the Worldcoin protocol, offering preferential treatment to users with a World ID.

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Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.