Tools for Humanity, the technology company behind Worldcoin, has announced a successful series C funding round, securing $115 million. Led by Blockchain Capital, the funding will support research, development, and ecosystem growth.
One important focus of the funding is to create an alternative to the outdated CAPTCHA test, which struggles to distinguish between humans and advanced bots. Tools for Humanity aims to develop a new method that can effectively tackle this problem.
Key takeaways
- Tools for Humanity, the company behind Worldcoin, raised $115 million in Series C funding led by Blockchain Capital.
- A stated priority is replacing the CAPTCHA test, which increasingly fails to distinguish humans from advanced bots.
- The remainder funds research and development plus expansion of the Worldcoin project and World App.
- Worldcoin was in beta, aiming to build an Ethereum-based token supporting a universal basic income and eventually to become a DAO.
- The company says retina scans used for verification are securely discarded after processing, responding to persistent criticism of the approach.
The funds will also be used for research and development, as well as expanding the Worldcoin project and World App. Tools for Humanity boasts a talented team with experience from companies like Electric Coin Company, Revolut, Uber, Block, Twitter, and Apple.
Worldcoin is currently in beta and aims to establish an Ethereum-based token that supports a universal basic income concept worldwide. The project seeks to become the largest and most inclusive identity and financial network, eventually evolving into a decentralized autonomous organization (DAO).
Despite some skepticism surrounding Worldcoin’s use of retina scans for account verification, Tools for Humanity assures that the scans are securely discarded after processing. The company aims to build trust through transparent communication.
With this substantial funding, Tools for Humanity and Worldcoin are well-positioned to advance their goal of creating a more secure and equitable digital ecosystem.
Frequently asked questions
Why is proof of humanity becoming a problem?
CAPTCHA relies on tasks humans find easy and machines find hard. As AI closes that gap, the test stops working — which is why a verification method that does not depend on puzzle-solving is being pursued.
What is Worldcoin trying to build?
An identity and financial network combined: an Ethereum-based token distributed to verified individuals, supporting a universal basic income model, with governance eventually moving to a decentralised autonomous organisation.
Why are the retina scans controversial?
Biometric data is permanent and cannot be reissued if it leaks, so collecting it at scale draws scrutiny. Tools for Humanity's position is that scans are discarded after processing and that transparency is how it intends to build trust.
