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BCH $519.02 (-5.4%)
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Coinbase-Backed Startup Aims to Distribute Crypto by Scanning Eyeballs

A16z,_Coinbase_Backed_Startup_Looks_to_Distribute_Crypto
  • Sam Altman, former Y Combinator head, has a new crypto startup called Worldcoin.
  • Worldcoin designed an orb-shaped unit to distribute crypto to people.
  • Altman intends to give a special type of crypto to people by scanning their eyeballs.

Worldcoin, a Coinbase-backed startup, has designed an orb-shaped unit to produce a unique identifier by scanning a person’s iris.

Currently, big investors like Andreessen Horowitz, Coinbase Ventures, and LinkedIn founder Reid Hoffman support and invest in Worldcoin. In fact, the startup company raised around $25 million of funds from investors by far.

Sam Altman, the founder of Worldcoin shares that he wants to distribute crypto to everyone by scanning their eyeballs. More so, he explained his interest in this kind of things.

I’ve been interested in things like universal basic income and what’s going to happen to global wealth distribution and how we can do that better, is there a way we can use technology to do that at a global scale,

Of note, Altman was the former head of Y Combinator, an American seed money startup accelerator. On Tuesday, Bloomberg reported that Altman intends to give a special type of cryptocurrency to every person by scanning their eyeballs.

With that said, they devised the concept in 2019 around experimentation on universal basic income. Furthermore, they studied how they can distribute money to people in a way that dodges the role of government.

Notably, the aspirations of financial integration are nothing new in crypto. However, the concept of scanning eyeballs may be a little controversial way of achieving it.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.