Sam Altman seeks $100M Worldcoin funding

Sam Altman, CEO of OpenAI, is reportedly in “advanced talks” to secure $100 million in funding for Worldcoin, a project that aims to create a cryptocurrency that is collectively owned and globally distributed.

According to a May 15 Financial Times article citing sources familiar with Worldcoin’s funding discussions, the $100 million will come from a combination of “existing and new investors.”

The startup had a Series A funding round led by a16z, with investors including Digital Currency Group and Coinbase Ventures, as well as former FTX CEO Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman, when it was first revealed to the public.

The Information reported in March 2022 that the company was raising $100 million from investors through a private token sale, citing two individuals with knowledge of the situation.

Given the prolonged crypto winter, a source familiar with the matter stated in the most recent report that the potential for new funding was substantial.

“We are experiencing a bear market and a crypto winter.” It is unprecedented for a project in this field to receive this amount of funding,” the source said.

Alex Blania, Altman, and Max Novendstern co-founded Worldcoin, with work commencing on the project in early 2020.

The goal of the project, according to Worldcoin executives, is to “address two issues” raised by the increasing complexity of artificial intelligence.

Worldcoin, which has been operating in beta, is preparing to launch its blockchain protocol and begin recording transactions within “the next six weeks.”

Worldcoin launched its gas-free cryptocurrency wallet for verified humans on May 8.

Tiago Sada, a member of the Worldcoin team, previously stated that the wallet was released so that “there is an alternative wallet that focuses solely on simplicity.”