Following OpenAI’s astonishing success, another project backed by its CEO Sam Altman has closed a significant funding round amidst a bleak year for crypto investments.

The crypto ID project – Worldcoin – has raised $115 million in a Series C funding round led by Blockchain Capital. Other participants in the funding round include a16z, Bain Capital, and Distributed Global.

• Worldcoin, which falls under the umbrella company of Tools for Humanity, is a unique open-source protocol that involves scanning people’s irises.
• According to its website, the biometrics are captured by the Worldcoin Orb, an imaging device that captures users’ irises and high-resolution images of their bodies and face.
• Worldcoin has had a controversial start since it first leaked in mid-2021. Despite reports of security lapses, the platform claimed to have exceeded a million signups and between 100 and 200 Orbs operational at any given time.
• The high-profile project also gained tremendous traction in China more recently.
• Reports alleged that fraudsters are purchasing iris scans from the black market to register on the platform.
• In response, Worldcoin said that the company does not have an issue with iris scans on the black market but revealed the detection of numerous cases of fraud involving its digital passport, the verification protocol that is used to determine real identities.
• Prior to this, TechCrunch had claimed that hackers were able to install password-collecting malware onto the devices of WorldCoin operators.