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The UK’s data regulator has announced that it will be conducting an investigation into the Worldcoin crypto project, led by OpenAI CEO Sam Altman. The project involves users providing their iris scans in exchange for a digital identification and free cryptocurrency.
In response to the launch of Worldcoin in the UK, the Information Commissioner’s Office (ICO) stated that it will be making further enquiries to ensure compliance with data protection regulations.
Worldcoin was introduced on Monday and already has two million users from its trial phase. The project aims to expand its eyeball-scanning operations to 20 countries, including locations in London.
Described as a “new identity and financial network” on its website, Worldcoin assigns a digital ID to its users to distinguish them from artificial intelligence entities online. The project offers its own cryptocurrency, the Worldcoin token, which is given to users who sign up in certain countries, as stated on the website.
After its launch, the Worldcoin token experienced an initial increase in value, reaching a peak of $3.30, and as of Tuesday, its value was at $2.01 according to CoinGecko, a market tracker.
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