Cryptocurrency project Worldcoin announced that its crypto wallet app, World App, has surpassed 1 million daily active users. The milestone comes less than a year after its launch and helped trigger a 141% rally in Worldcoin’s native WLD token over the past week.
However, Worldcoin’s controversial iris-scanning identity verification system continues to spark backlash over privacy issues. The technology, which Worldcoin claims preserves privacy through encryption, grants users WLD tokens in exchange for a scan of their irises.
Some governments are cracking down on Worldcoin over potential risks from its biometric data collection. In January, Hong Kong launched an investigation into the project, concerned that it could enable the tracking of residents. Meanwhile, Kenya outright banned Worldcoin, and India has paused iris scanning.
Worldcoin was founded in 2023 by CEO Sam Altman, the head of the artificial intelligence lab OpenAI. It aims to eventually provide universal basic income through crypto earnings tied to identity verification.
From just 100,000 daily users last November, Worldcoin has rapidly expanded its reach. Increased crypto adoption in a market rally likely aided the latest figures. Earlier in February, OpenAI also debuted its buzzworthy text-to-video generator called Sora.
While regulatory pressures continue, Worldcoin seems undeterred in its global expansion plans. However, ongoing controversies raise questions about the ethics of biometric tracking and whether users are adequately informed of the privacy risks before handing over personal data.
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