Worldcoin Launch: Expectations of Increase Corporate Adoption Amid Kenyan Branch Raid

On July 24 of this year, Worldcoin, a brand-new cryptocurrency project that seeks to provide universal access to financial services by giving users a digital ID through an iris scan that can be used for instant online verification, launched its pilot program in the United States. After its launch, the company, which has already raised over $300 million, intends to expand to more nations.

Worldcoin’s launch comes at a time when there is growing interest in cryptocurrencies among businesses. A recent survey found that nearly half of all businesses are considering accepting cryptocurrencies as payment.

Worldcoin believes that their distinct method of using computational intelligence, iris scans, and proof of zero knowledge to confirm that a user is human and unique online could make it easier for businesses to onboard new customers.

Worldcoin Kenyan Branch Raid

However, Worldcoin’s launch has not been without controversy. In Kenya, where the company’s pilot program is currently underway, there have been reports of police raiding the Worldcoin warehouse in Nairobi.

The Kenyan government, through the Ministry of Interior, has suspended the activities of Worldcoin due to concern over potential risks from the company’s data collection practices.

According to Immaculate Kassait, the Commissioner of Kenya’s Office of Data Protection, Tools for Humanity, the parent business of Sam Altman’s crypto project, neglected to reveal its genuine purpose when it was incorporated in Kenya, with reliable sources reporting that a police squad brought Worldcoin data to the Directorate of Criminal Investigations’ main office for analysis.

Despite the controversy, Worldcoin remains confident in its mission to provide universal access to financial services. The company says that it is working with regulators in Kenya to address the concerns that have been raised.

“TFH has paused World ID verifications in Kenya as we continue to work with local regulators to address their questions. We apologize to everyone in Kenya for the delay. World ID is built for privacy. We look forward to resuming operations, while continuing global rollout.”

Alex Blania- CEO and Co-Founder of Tools for Humanity.

Analysts Have Mixed Thoughts on the Adoption of Worldcoin

Analysts are predicting that Sam Altman’s Worldcoin will see increased corporate adoption in the coming months, while some argue that its centralized nature is a point of unique failure. Above all, the company’s strong financial backing and its unique approach to identity verification are expected to drive adoption.

“Worldcoin is an attempt at global scale alignment,” said Jack Dorsey former Co-founder and CEO of Twitter.

Other analysts are more cautious about Worldcoin’s prospects. They point to the company’s recent controversy in Kenya as a potential setback.

“A global database of human IDs issued after an eye scan, paid for with useless Worldcoin token, connected with all financial transaction data of each individual managed by a centralized non-profit collecting sensitive data for KYC/AML. WHAT COULD GO WRONG?”

Anita Posch, the CEO of Bitcoin For Fairness

Despite the risks, analysts agree that Worldcoin is a company to watch. They believe that they have the potential to disrupt the Identity services industry.

The success of the Worldcoin project is only a matter of time. However, the company’s launch has generated a lot of backlash from critics who are skeptical about a private body holding that much sensitive information. It will be interesting to see how the company’s technology is received by businesses and consumers in the coming months.

NB: Any Information provided here is NOT FINANCIAL ADVICE. Do Your Own Research before making any Financial Decisions.