Tools For Humanity, a contributor to Worldcoin, the cryptocurrency project co-founded by Sam Altman of OpenAI, has announced the acquisition of Ottr Finance, a startup on the Solana blockchain specializing in digital wallets.
Worldcoin acquires Ottr to help onboard new users unfamiliar with web3. Ottr Finance will discontinue its Solana-based wallet and is eager to support Worldcoin in its endeavors with its integration into Tools For Humanity.
Worldcoin, a “proof of personhood” initiative, authenticates individuals through iris scans using orb-shaped sensors. Users are rewarded with cryptocurrency tokens. Despite privacy concerns, Worldcoin claims nearly 3.9 million sign-ups on its platform.
According to the project’s website, millions of people have signed up and, since its introduction 220 days ago, Worldcoin has users in 120 countries.
Ottr Finance Aleksei Zakharov stated in a statement, “We quickly understood the value in helping Worldcoin build the world’s largest human network to improve trust online and access to the global economy in the age of AI.”
He added, “Joining Tools For Humanity marks a new chapter for us, combining our expertise with theirs to advance the world of digital identity and finance.”
As stated in the announcement, Ottr Finance’s wallet has added capabilities including “passwordless cloud backups, seamless integration with U.S. bank accounts, and gas-free transfers and trading.”
Though regulatory issues currently prevent Americans from obtaining Worldcoin’s WLD token, which is distributed to new signups, easy connection with American institutions may benefit Tools For Humanity in the future.
According to Ottr Finance, it is offering customers time to switch to a different wallet. “As our team transitions to Tools For Humanity, Ottr users can export their seed phrases and private keys to transition to any other Solana-compatible wallet,” Zakharov added. “Our backend service will remain operational for the next three months.
Also Read: Worldcoin Token Surge: Analyzing the Rise in AI Tokens
