Worldcoin Surges 140% as Wallet App Achieves 1M Daily Users

The Worldcoin (WLD) token, a cryptocurrency project co-founded by OpenAI CEO Sam Altman, has experienced a significant surge of over 140% in value over the past week. This increase in value coincides with the milestone achievement of surpassing 1 million daily active users on the Worldcoin crypto wallet application, known as the “World App.” This marks a substantial growth from the previous count of 100,000 daily active users in November 2022.

Developed by Sam Altman and Alex Blania and launched in July 2023, Worldcoin is a digital identity verification project that focuses on privacy preservation. It rewards users with its native cryptocurrency in exchange for scanning their irises. Worldcoin’s ultimate objective is to introduce a form of Universal Basic Income (UBI) on a global scale by distributing its native WLD token to every individual worldwide in exchange for verifying their identity.

Worldcoin’s ambition of implementing UBI through its biometric identity system has drawn controversy and privacy concerns, mainly related to its metallic eye-scanning devices called “Orbs.” The privacy concerns have led to an investigation by Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD), which executed warrants and conducted searches on six Worldcoin-controlled premises in Hong Kong. Other jurisdictions, such as Kenya and India, have also raised concerns, resulting in the suspension of Worldcoin’s services and the temporary halt of iris scans.

Despite these regulatory issues, the Worldcoin token has experienced notable gains of more than 141% in value over the past week, benefiting from the overall positive performance of the cryptocurrency market. Alongside this positive momentum, OpenAI has made significant updates. On February 16, they introduced Sora, a text-to-video generator that allows users to create video clips and scenes based on textual prompts. Sam Altman announced on February 9 that he aims to raise an astonishing $7 trillion to support and expand OpenAI’s semiconductor chip development.

While the hefty funding goal raised eyebrows in the tech industry, Altman remains undeterred by the skepticism.

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