Worldcoin is shifting its focus from Europe to Asia.
The participants have the option to claim the project’s cryptocurrency, WLD.
The crypto biometrics project, Worldcoin, co-founded by OpenAI’s CEO, Sam Altman is shifting its focus away from Europe. The managing director of its Europe entity, Fabian Bodensteiner stated that countries in the Asia-Pacific (APAC) region, such as Japan and Malaysia, as well as the Latin American jurisdictions such as Argentina, appear more promising for the adoption.
He clarified the statement at the Sifted Summit that European markets are no longer a priority for Worldcoin due to its limited resources and the need to focus on regions with better opportunities. On the other hand, the firm builds its tech and products in Europe.
Meanwhile, the Worldcoin project aims to establish a network that verifies individuals online using the concept of “proof of personhood.” It scans user’s irises and provides them with a digital identity, or World ID to confirm the uniqueness. The participants have the option of claiming the project’s cryptocurrency, WLD.
On the other hand, Worldcoin’s iris scanning raises privacy concerns. Despite of Worldcoin’s assurance about data security and protection, people fear collecting biometric data on a large scale could lead to surveillance or the data being sold to third parties.
Worldcoin faced regulatory challenges in Europe. The project began using iris biometrics developed by Tools for Humanity after its launch in July 2023. After its launch, the Bavarian Data Protection Supervisory Authority (BayLDA) initiated an investigation against the collection of biometric data. A decision regarding the investigation and further operations in Europe is expected later in October.
Threat Against Worldcoin
Worldcoin faces regulatory hurdles regarding the security, particularly in South Korea and Hong Kong. The South Korean Personal Information Protection Commission (PIPC) fined Worldcoin and Tools For Humanity 1.1 billion Korean won for not informing individuals about the storage and usage of the collected iris data.
Hong Kong’s regulator issued an enforcement notice against Worldcoin. Regulators have left Worldcoin’s efforts in data minimizing, giving users control over their data and secure multi-party computing. The firm has encountered regulatory issues in Spain, Portugal, and Kenya due to similar privacy issues.
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