OpenAI's Sam Altman Champions Worldcoin amid $50M Funding Plans: Report

<p>OpenAI's Chief Executive Officer, Sam Altman, has
highlighted his plans for Worldcoin, a cryptocurrency venture that aims to
establish a global identity and a financial network. This project, created by
Tools For Humanity, has gained significant attention amid reports indicating
its pursuit of a substantial investment of $50 million. </p><p>According to Altman's remarks during a virtual
Q&amp;A hosted by FT Partners, as reported by The Business Times, identifying users in an AI-dominated world is gradually becoming relevant. Over 2.6 million people have reportedly consented
to scan their irises using Worldcoin's "orb" devices. This project offers
digital identification and cryptocurrency rewards for those who participate.</p><p>Funding Endeavors and Project Strategy</p><p>Reports suggest that Tools For Humanity is actively seeking a substantial investment of $50 million to bolster Worldcoin's development further. The strategy adopted by the firm involves selling crypto tokens at a
discounted rate to entice potential investors.</p><p>After a whirlwind of events at OpenAI, Altman
recently found himself <a href="https://www.financemagnates.com/fintech/openais-ceo-drama-ends-with-sam-altman-back-in-charge/" target="_blank" rel="follow">back at the helm as the CEO</a>. The drama unfolded swiftly
as the company went through a rollercoaster of CEO changes and board
restructuring, making headlines across the tech industry.</p><blockquote><p lang="en" dir="ltr">We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo.We are collaborating to figure out the details. Thank you so much for your patience through this.</p>— OpenAI (@OpenAI) <a href="https://twitter.com/OpenAI/status/1727206187077370115?ref_src=twsrc%5Etfw">November 22, 2023</a></blockquote><p>Initially removed from his position due to alleged
confidence issues, Altman's short-lived unemployment led to offers from
Microsoft, coinciding with potential employee resignations. However, intense
negotiations ensued, leading to Altman's prompt reinstatement as CEO, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported. </p><p>Three days after the initial announcement, his
reinstatement marked a rapid turnaround, unusual even by Silicon Valley's
standards. Beyond the CEO drama, OpenAI's potential valuation is reportedly nearing $90
billion, indicating its essential role in AI.</p><p>Legal Compliance or Regulatory Concerns</p><p>Despite the ambitious plans announced by OpenAI,
there are challenges involving its global adoption. In August, <a href="https://www.financemagnates.com/cryptocurrency/kenya-says-registration-of-sam-altmans-worldcoin-in-april-not-endorsement/" target="_blank" rel="follow">Kenya investigated Worldcoin</a> in light of its regulatory and legal issues. </p><p>While the project's data control registration
certificate from April 2023 initially hinted at <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a>, Kenya swiftly
clarified that it doesn't equate to authorization to operate in the region,
outlining the absence of Worldcoin as a legal entity in the country.</p><p>Similarly, <a href="https://www.financemagnates.com/cryptocurrency/france-joins-the-uk-to-question-sam-altmans-worldcoin/" target="_blank" rel="follow">France aligned with the UK</a> in scrutinizing
Worldcoin. The controversial project, known for its unique iris scanning
feature, launched its token on Binance, drawing admiration from Ethereum's
Vitalik Buterin yet inviting a slew of challenges and privacy concerns.</p><p>Worldcoin's token, "WLD," trades against
<a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> and Tether. Developed by Tools for Humanity, based in San Francisco and
Berlin, the project constructs "World ID" accounts using an
orb-shaped scanner, a system aiming to differentiate human users from AI bots.</p>

This article was written by Jared Kirui at www.financemagnates.com.