Worldcoin Cryptocurrency Soars 140% in a Week

The native token of Worldcoin, a cryptocurrency project co-founded by OpenAI CEO Sam Altman, has surged by over 140% in the past week as its daily user base surpassed one million.

In a post on X dated February 18, Worldcoin revealed that its crypto wallet application, known as the "World App," had exceeded one million users, a substantial increase from just 100,000 daily active users in November 2023.

Established in July 2023 by Altman and Alex Blania, Worldcoin describes itself as a "privacy-preserving" digital identity verification initiative that compensates users in its native cryptocurrency for scanning their irises.

Worldcoin's stated objective is to strive for global Universal Basic Income by providing every individual on the planet with a small allotment of its native WLD token in exchange for identity verification.

However, Worldcoin's ambition to introduce universal basic income alongside its biometric identity system has sparked controversy, particularly regarding privacy concerns related to its metallic eye-scanning devices called "Orbs."

On January 31, Hong Kong's Office of the Privacy Commissioner for Personal Data (PCPD) initiated an inquiry into Worldcoin's local operations, citing "serious risks to personal data privacy."

The PCPD disclosed that it had executed warrants and conducted searches at six premises affiliated with Worldcoin in Hong Kong as part of its investigation.

Beyond Hong Kong, the project has attracted regulatory scrutiny in various jurisdictions due to privacy concerns, resulting in the suspension of its services in Kenya and the temporary halt of iris scans in India.

Despite regulatory challenges, the native WLD token has recorded gains of over 141% in the past week, bolstered by a broader rally across the cryptocurrency sector.

Worldcoin's upward momentum coincides with several significant developments from OpenAI.

On February 16, OpenAI introduced its new text-to-video generator, Sora, enabling users to create video clips and scenes from text prompts.

A week earlier, on February 9, Altman announced plans to raise a staggering $7 trillion to support the firm's semiconductor chip development and expansion efforts.

While the enormous funding target raised eyebrows in the tech industry, Altman appeared undeterred by the skepticism.

Sources:

https://cointelegraph.com/news/worldcoin-price-soars-wallet-world-app-openai-sam-altman-sora

https://twitter.com/worldcoin/status/1758897369872056585

https://worldcoin.org/cofounder-letter