Updated February 19th, 2024 at 12:40 IST

Worldcoin surges 184% in a week as World App hit 1 mn daily active users

The project advance Universal Basic Income (UBI) globally by sharing individuals with a small allocation of their WLD token in exchange for ID verification.

Reported by: Business Desk
Worldcoin iris-scanning Orb | Image:Worldcoin
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Worldcoin surges: Worldcoin (WLD), a cryptocurrency project co-founded by OpenAI CEO Sam Altman, has experienced a strong surge of over 184 per cent in value over the last seven days, as the project surpassed 1 million daily users on its crypto wallet application, known as the "World App."

Launched in July 2023 by Sam Altman and Alex Blania, Worldcoin distinguishes itself as a "privacy-preserving" digital identity verification platform, rewarding users with its native cryptocurrency in exchange for iris scanning verification.

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The project aims to advance Universal Basic Income (UBI) globally by providing individuals with a small allocation of their native WLD token in exchange for identity verification. However, Worldcoin's usage of biometric iris-scanning devices, referred to as "Orbs," has sparked controversy over privacy concerns.

Regulatory scrutiny has intensified, with Hong Kong's Office of the Privacy Commissioner for Personal Data launching an investigation into Worldcoin's operations, citing "serious risks to personal data privacy."

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Despite regulatory challenges and service interruptions in certain jurisdictions, Worldcoin's native token has surged by over 141 per cent in the past week, propelled by a broader uptrend in the cryptocurrency market.

Simultaneously, OpenAI has made notable advancements, unveiling Sora, a text-to-video generator, and announcing plans to raise $7 trillion for semiconductor chip development, signalling the company's ambitious growth trajectory.

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Published February 19th, 2024 at 12:40 IST