Worldcoin Plunges Over 20% in Days As the Crypto Project Retreats From Brazil, France and India: Report

An eye-scanning biometric crypto project is plummeting after reportedly pulling out of Brazil, France, and India.

According to a new report by TechCrunch, digital ID-focused crypto asset Worldcoin (WLD), co-founded by OpenAI chief executive Sam Altman, is leaving the three nations just months after launching its Orb verification services.

Lily Gordon, a spokesperson for the firm that oversees Worldcoin, told TechCrunch that the protocol remains dedicated to “working with partners globally to ensure it meets regulatory requirements and provides a safe, secure and transparent service for verified humans.”

Worldcoin’s Orb is a helmet-shaped peripheral that scans people’s eyes to verify their identity. To use it, traders must first download the Worldcoin app, obtain a compatible crypto wallet, and then visit an Orb to receive their identification, or World ID.

In a follow-up email to TechCrunch, Gordon stated that the Orb services will be “temporarily scaled back” in India and the other countries, though no exact reason was specified.

However, according to TechCrunch, Worldcoin still plans to onboard people in India and recently went through an update, allowing it to differentiate between bots and humans and integrate user World IDs into marquee protocols such as Minecraft, Reddit, and Telegram.

The project’s native altcoin WLD plunged from its all-time high price of $4.73 on December 17th to trading for $3.59 at time of writing, a decrease of about 22%.

Comments

Post a Comment

Popular posts from this blog

FTX seeks $175M settlement with Genesis entities to resolve dispute

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer
Read more

JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T
Read more

OpenSea ex-manager retracts bail request amid ongoing appeal

Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated, breaching
Read more