The Worldcoin team is set to unveil updates at the A new world event on October 17, which will “enable scaling from the current 7 million users to 700 million,” reports Crowdfund Insider.
At the time of writing, WLD is trading at $2.3, marking a 13.5% increase over the past 24 hours.
According to developers, the project has “grown significantly” over the past five years, and it is time for the next stage of development.
During the event, Alex Blania, CEO of Tools for Humanity, will be joined by Sam Altman, co-founder and head of OpenAI. They will discuss “significant updates” to the global initiative.
The update aims to expand Worldcoin’s audience from the current ~7 million verified users to 700 million and to create tools for gaining “advantages” from AI.
In September, developers began testing facial recognition technology for the World App in select locations. The product is designed to enhance client security in “online shopping, financial transactions, and app authorizations.”
The project is working on creating a global digital identification and financial network. The protocol verifies user identity through iris scanning.
Regulators have expressed concerns over such biometric data collection. Authorities in France, the United Kingdom, Hong Kong, Colombia, Argentina, and other countries have launched investigations.
Back in earlier reports, the bankrupt exchange FTX is set to auction 22.3 million locked WLD valued at ~$36.1 million at a significant discount, according to media sources.