Worldcoin Halts Orb Verification in India, Brazil, and France: A Closer Look at the Cryptocurrency’s Expansion Strategy

In a recent development, Worldcoin, the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has decided to discontinue its Orb-verification service in India, Brazil, and France. This move comes just a few months after the launch of the eyeball-scanning device in these countries. According to a report by TechCrunch, the Worldcoin Foundation, which oversees the project, mentioned that the expansion to these markets was initially intended for “limited time access.”

Expansion and Temporary Pauses

The Worldcoin Foundation clarified that the Orb rollouts in Brazil and France were meant as limited previews, with plans for a more permanent launch in these markets scheduled for 2024. However, in the case of India, Orb services have been temporarily paused. The Worldcoin Foundation explained that the World App continues to gain widespread adoption in India, with thousands downloading the app weekly. The temporary pause in Orb-verified proof of personhood services is attributed to the protocol’s efforts to develop a bespoke, safe, and orderly process to meet the growing demand for World ID in India.

Orb Technology and Identity Focus

Worldcoin’s unique approach involves the use of Orb devices, which scan individuals’ irises to help them verify their identity. By doing so, users are rewarded with WLD tokens, creating a “World ID.” The project embarked on a global tour earlier in the year, showcasing the Orb in various locations worldwide and attracting large crowds.

However, Worldcoin faced regulatory challenges in Kenya where the project was suspended in August for assessment of potential risks to the population. Despite this, the Worldcoin Foundation has reaffirmed its commitment to working with global partners to meet regulatory requirements and ensure a safe, secure, and transparent service for verified users.

Market Performance and Recent Developments

Worldcoin’s native token, WLD, experienced price volatility since its launch in July. Despite initial fluctuations, it currently trades at $3.65, reflecting a 2.2% increase over the past 24 hours and a 50% increase over the past month. The project recently announced the “World ID 2.0” upgrade, integrating with platforms like Telegram, Reddit, Minecraft, Shopify, and Mercado Libre to distinguish between bots and verified humans online.

Additionally, Mexico and Singapore are set to join the list of locations offering Orb registration services. Devices are currently available in 12 countries, including the U.S., Germany, Spain, and South Korea, according to the Worldcoin website.

Future Capital Raise and Clarifications

In recent weeks, Worldcoin developer Tools For Humanity explored the possibility of raising up to $50 million through the sale of discounted WLD tokens. Talks with multiple investors were reportedly held, with a potential over-the-counter sale discussed. The discounted price was suggested to be $1 per token, considerably lower than the prevailing spot price. However, no final terms have been confirmed, emphasizing ongoing discussions.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

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