In the last seven days, the price of Worldcoin’s WLD token has increased by 141% after the company reached a milestone for daily active users. Sam Altman, the CEO of OpenAI, co-founded the cryptocurrency project Worldcoin (WLD) token, which has increased in value by more than 140% in the past week as its daily user base approaches one million.
Worldcoin revealed on February 18 on X that over 1 million people have downloaded their cryptocurrency wallet app, called “World App.” This is a huge increase from the 100,000 daily active users that it had in November of last year.
Worldcoin, a self-described “privacy-preserving” digital identity verification initiative, was introduced in July 2023 by OpenAI CEO Sam Altman and Alex Blania. Users are compensated with the native cryptocurrency for scanning their iris images.
By giving each person on the earth a little quantity of its native WLD token in return for confirming their identification, Worldcoin aims to establish a global Universal Basic Income.
But there has been some criticism around Worldcoin’s plan to implement Universal Basic Income (UBI) in conjunction with their biometric identity system. These issues have mostly focused on privacy concerns over the company’s metallic eye-scanning devices, known as “Orbs.”
Citing “serious risks to personal data privacy,” the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong opened an investigation into Worldcoin’s local operations on January 31. As part of its investigation, the PCPD announced that it had entered six Worldcoin-controlled locations in Hong Kong and executed warrants.
Due to privacy concerns, the initiative has caught the attention of regulators in several other jurisdictions outside Hong Kong. As a result, its services have been fully suspended in Kenya, and iris scans in India have been put on hold.
Despite these regulatory worries, the native Worldcoin token has increased in value by almost 141% over the past week because to a broader upswing in the cryptocurrency market.
Worldcoin’s weekly advances have coincided with a number of significant OpenAI upgrades.
OpenAI debuted Sora, a new text-to-video generator that lets users create scenarios and video clips from text prompts, on February 16.
A week prior, on February 9, Altman declared his intention to raise an incredible $7 trillion to support the company in financing and expanding its development of semiconductor chips. Although the enormous cash amount caused some skepticism in the IT community, Altman didn’t appear to be too bothered.
