Entrepreneurship

SF company Worldcoin to debut cryptocurrency for all in exchange for an eyeball scan

Read more at www.sfgate.com

A San Francisco-based company wants to give everyone in the world an opportunity to get in on the cryptocurrency game. They’ll just need to scan your eyeballs first. 

Bloomberg recently learned that a new company dubbed Worldcoin promises “a new global digital currency that will launch by giving a share to every single person on earth.” To prevent fraud, the startup says, it will require an iris scan to produce a unique numerical code for each person.

It’s currently testing the technology — a “silver-colored spherical gizmo the size of a basketball” — with volunteers in various cities in exchange for other types of digital coins like Bitcoin until the new cryptocurrency is ready. Leading the company is Alexander Blania, 27, a former student of theoretical physics at the California Institute of Technology. He told Bloomberg that the orb costs about $5,000 to make, though the price should decline as the company refines the process.


While company employees are currently spread out due to the COVID-19 pandemic, the Worldcoin headquarters will eventually be in San Francisco. Not surprisingly, it’s backed by some serious Silicon Valley founders and investors. Sam Altman, the former head of the startup incubator Y Combinator, thought of the concept for Worldcoin in 2019, and the company has raised about $25 million from investors like Andreessen Horowitz and LinkedIn founder Reid Hoffman.

Altman told Bloomberg he was inspired by the idea of universal basic income, but while he co-founded the startup, he’s acting mostly as an advisor to Blania and third co-founder Max Novendstern, who previously worked at financial startup Wave.

Read more at www.sfgate.com

Show More

Related Articles

Back to top button