Worldcoin eyes collaboration with PayPal, OpenAI
Worldcoin is gaining user base rapidly but faces significant regulatory and data privacy challenges.
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Tools for Humanity, the company behind Worldcoin, is exploring potential partnerships with digital payment giant PayPal and Artificial Intelligence (AI) research company OpenAI, said Alex Blania, Chief Executive Officer at Tools for Humanity, in a recent interview with Bloomberg News.
Details about these potential partnerships, however, remain tentative and non-specific. Blania did not provide concrete examples of what the collaboration with OpenAI might entail.
“There’s some natural things in how we might and will work together,” he said. “But it’s nothing that we’re ready to announce yet.”
Regarding PayPal, a potential collaboration might still be in the preliminary stages. According to Blania, Tools for Humanity has had conversations with PayPal Holdings, but, as with OpenAI, these discussions have not yet led to any concrete developments.
A PayPal spokesperson told Bloomberg that the company does not comment on rumors or speculation.
Apart from their specific offerings, Sam Altman’s involvement is crucial for both OpenAI and Worldcoin. At OpenAI, Altman serves as CEO. Under his leadership, the organization has significantly expanded its scope, secured substantial funding, and positioned itself as a leader in AI innovation.
While not directly involved in day-to-day operations, Altman remains a co-founder and influential figure at Tools for Humanity.
Blania claimed that Altman’s high profile has attracted significant attention to the project and drawn increasing regulatory scrutiny.
Worldcoin, in particular, has encountered investigations and regulatory actions in multiple countries. There were raids in Hong Kong, investigations in Germany and Argentina, and a ban in Kenya. Additionally, regulators in Spain and Portugal have raised concerns about minors participating in eye scans.
Blania said the company is taking a proactive approach by engaging with regulators and making adjustments based on their feedback.
Strategy shift
Despite facing setbacks, the company is expanding its product offerings and has introduced more user control over data, such as allowing users to request the deletion of their World IDs.
Earlier this month, Worldcoin revealed plans to launch a layer 2 blockchain called World Chain and is upgrading the orb scanning device (Orb). Blania shared that the project is also moving away from the term “universal basic income” to “distribution of scarce resources” to better reflect its goals and avoid political connotations.
Worldcoin sparked controversy this week with plans to sell its native token, WLD, to investors outside the US. This move aims to increase the circulating supply of WLD by 19% over the next six months.
As of April 2024, Worldcoin has attracted over 5.1 million registrations across 120 countries. Also, over 2,000 Orbs have been produced to potentially verify these identities.
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