Despite his departure from OpenAI, Sam Altman’s involvement with the crypto project, Tools for Humanity, which is responsible for building Worldcoin, continues unabated, according to a source close to the project as reported by TechCrunch.
Altman’s contribution to Tools for Humanity remains consistent and valuable, and it is expected to remain so, the source confirmed. They also noted that Altman still holds the positions of chairman and co-founder of the project, reaffirming that the information on the project’s website is up to date.
Following the news of Altman’s departure, the Worldcoin token, WLD, experienced a sharp decline to a low of $1.84 on Saturday. However, the token has since recovered and is currently trading at $2.40, according to CoinMarketCap data.
In a Series C funding round led by Blockchain Capital in May, Worldcoin successfully raised $115 million. As of March, Altman was a member of the project’s board, though he was not directly involved in day-to-day operations.
“Proof of personhood is becoming increasingly important in the rapidly advancing age of AI,” The Worldcoin Foundation told TechCrunch late on Monday. The team supporting Worldcoin is still focused on the project’s mission, “building a more human internet and a more accessible global economy through World ID, a privacy-enhancing way to verify humanness and uniqueness online,” the company said.
Worldcoin has gained recognition for its controversial Orb hardware, which scans individuals’ irises and assigns them an ID to access Worldcoin’s application and a digital passport. The verification process is designed to establish individuals’ identities and prevent the creation of multiple accounts.
The crypto project has encountered resistance from certain countries, particularly Kenya, which banned Worldcoin from conducting further iris scans due to concerns about inadequate disclosure of data security and privacy measures, as well as the use and processing of collected data.
Worldcoin has also faced criticism from opponents who accuse the company of targeting developing countries with more lenient privacy regulations. The project offers most participants (outside the U.S. and select other countries) 25 WLD tokens, equivalent to approximately $58.5, in exchange for signing up, leading to accusations of exploitation from its critics.
However, the project continues to attract participants, with over 2.46 million people signing up for Worldcoin since its public launch 120 days ago, as indicated on its website. Over the past week, more than 65,200 new accounts have been created, and the project has averaged 137,000 wallet transactions daily.
Speaking previously, Tiago Sada, the head of product for Tools for Humanity and a key contributor to Worldcoin, defended the focus on developing countries and the distribution of free tokens, stating that it was justifiable as most tech projects prioritize emerging markets, citing them as the “easier ones to operate in.” Additionally, it is anticipated that Altman will remain involved for the foreseeable future.
For more insight into Sam Altman’s departure from OpenAI and its subsequent impact, read our ongoing coverage: