Tools for Humanity, the technology company behind Worldcoin, has announced a successful series C funding round, securing $115 million. Led by Blockchain Capital, the funding will support research, development, and ecosystem growth.
One important focus of the funding is to create an alternative to the outdated CAPTCHA test, which struggles to distinguish between humans and advanced bots. Tools for Humanity aims to develop a new method that can effectively tackle this problem.
The funds will also be used for research and development, as well as expanding the Worldcoin project and World App. Tools for Humanity boasts a talented team with experience from companies like Electric Coin Company, Revolut, Uber, Block, Twitter, and Apple.
Worldcoin is currently in beta and aims to establish an Ethereum-based token that supports a universal basic income concept worldwide. The project seeks to become the largest and most inclusive identity and financial network, eventually evolving into a decentralized autonomous organization (DAO).
Despite some skepticism surrounding Worldcoin’s use of retina scans for account verification, Tools for Humanity assures that the scans are securely discarded after processing. The company aims to build trust through transparent communication.
With this substantial funding, Tools for Humanity and Worldcoin are well-positioned to advance their goal of creating a more secure and equitable digital ecosystem.