Unlimit, a global fintech company that offers a wide range of financial services, integrates with the biometric recognition project Worldcoin to unlock Fiat-to-crypto access.

Often users from less developed countries struggle to convert their resources due to inefficient local infrastructures and knowledge barriers.

Thanks to the partnership with Unlimit, now World App by Tools for Humanity will have a simplified and regional access ramp for access to cryptocurrencies.

In the meantime, Wordlcoin grows and expands as a global privacy network, despite encountering issues with various local regulatory authorities along the way.

Let’s see everything in detail below.

Unlimit integrates with Worldcoin and introduces fiat on-ramp and off-ramp services

Wordlcoin, a well-known project of biometric iris recognition supported by the CEO of OpenAI Sam Altman, has today formed an important collaboration with the global fintech solution Unlimit. The goal of the partnership is to simplify the onboarding of new users by improving access to conversions between crypto and fiat in certain key regions.

Unlimit, as an on-ramp service provider, integrates with the World App by Tools for Humanity, the company responsible for the development of Worldcoin.

In this passage, the support of the World Chain network is expected, a new layer-2 of Ethereum built with OP Stack and introduced in April.

It is estimated that overall this collaboration will allow Worldcoin users to improve Fiat-to-crypto conversion in Colombia, Mexico, and also some regions in Europe.

Unfortunately, the global financial landscape remains fragmented and not very cohesive, with various parts of the world lacking basic monetary services.

According to a study by the World Bank, about 1.4 billion adults worldwide lack formal financial services, due to poor infrastructure and regulatory obstacles.

Unlimit tries to solve this problem with its on-ramp and off-ramp fiat solutions, which include smooth transfers between crypto wallets and bank accounts.

With an extensive presence and local expertise in regions such as LatAm, APAC, and EMEA, Unlimit provides region-specific payment options, tailored to each location.

It is clear that Unlimit’s offer unlocks a new potential for expansion for Worldcoin by opening up new markets that were previously unreachable.

Furthermore, thanks to its specialization in compliance with local regulations, the fintech company will help remove obstacles in the various regolamentazioni, facilitating crypto and fiat transactions without interruptions.

For Unlimit, founded in 2009 and with over 700 employees and 16 offices worldwide, this is a rich opportunity for growth and brand expansion.

Worldcoin: the financial network of privacy

The commitment of Worldcoin in facilitating the transition between crypto and fiat through trusted partners reflects the ambition of the project to become the largest financial and identity network in the world that protects privacy.

This objective must, however, be related to the challenges in universal access to a global cryptographic economy: to date, Worldcoin has encountered various types of limits and obstacles.

Now, however, thanks to the distribution of Unlimit’s crypto solution on World Chain, World App users can effortlessly convert WLD and stablecoin into local fiat currencies.

The converted funds are then deposited directly into the users’ bank accounts, simplifying a fundamental step for a fintech sector of this size.

Consider that since the launch of Worldcoin last year, more than 10 million people in 160 countries have created a World ID and a compatible wallet, starting with the World App by TFH.

The network today counts a total of 115 million transactions, highlighting a strong expansion of the tecnologia and a positive engagement from users.

With Unlimit now Worldcoin will be able to further aim to attract new customers, especially in the less financially established areas of Africa, Latin America, and Europe.

As stated by  Bryan Feng, Head of Unlimit of the fintech company:

“It is impressive to see Worldcoin being adopted on a global scale and we are super excited that our integration has been effective for users to seamlessly merge payment experiences between traditional rails and unique blockchains like World Chain. The future we have long envisioned for blockchain payments has arrived”

Just yesterday, the Worldcoin Foundation introduced ID verification technology in Austria, marking a new era of expansion in the European Union.

According to the announcement, Worldcoin’s spheres will now be accessible in various locations in Vienna for people aged 18 and over.

The foundation has also revealed that it is already starting to offer privacy-based verification services in Germany, in support of a continuously growing interest.

Privacy laws and barriers of legislators 

As mentioned, the ultimate goal of Worldcoin is to establish itself as an identity infrastructure that preserves the privacy of those who use it.

The extensive iris biometric recognition system is based precisely on this concept, where users maintain full control of their own data.

Despite these premises, it is necessary to remember that Worldcoin in its first year of debut on the global market, encountered quite a few perils.

In fact, it has faced various regional rejections for reasons related to the violation of customer data.

For example, in May, the office of the commissioner for personal data privacy of Hong Kong determined that Worldcoin violated the city’s personal data ordinance.

According to Chinese regulators, the financial identity service presents several privacy risks associated with the way TFH handles biometric data.

In the same way, Portugal and Spain have also imposed restrictions on the project a few months earlier, following the wave of growing concerns about privacy.

In Italy we have witnessed the same trend, with the Privacy Authority recently sending a warning to Worldcoin stating that if it were to arrive in Italian territory, it would violate the EU Regulation with heavy sanctions provided by the legislation.

These legislative impediments reflect the paradox Worldcoin, which while trying to build a network based on privacy, violates many local laws that deal with this concept.

For the moment, the rejection by some countries does not seem to have limited the development of the project, which in one year has attracted more than 10 million people.

Tensions of this type could, however, grow further in the future to the point of making World App illegal in various parts of the world, limiting its potential progress.