Sam Altman-led blockchain-based Universal ID project, Worldcoin, is reportedly shifting its focus from Europe to Asia.
At a recent tech summit, Fabian Bodensteiner, managing director of Worldcoin’s European subsidiary, explained that the project is now concentrating on markets more receptive to technological innovation. He emphasized that Europe is no longer a primary focus, as the company identifies “greater dynamics” and more promising business opportunities in other regions.
The Worldcoin project aims to establish a network that verifies individuals online using the concept of “proof of personhood.” To achieve this, it scans users’ irises and provides them with a digital identity, or World ID, which confirms their uniqueness. The project is powered by blockchain tech, and it hands out its native cryptocurrency, WLD, to users who sign up.
Bodensteiner highlighted the Asia-Pacific markets, including Japan and Malaysia, as well as Latin American countries like Argentina, as more receptive to the technology. He mentioned that in the APAC region, Worldcoin is actively collaborating with major game publishers to integrate its technology into their platforms.
Bodensteiner clarified that while Europe is not the main focus, it remains part of the company’s plans. Notably, Worldcoin expanded into Poland this year while maintaining its operations in Germany. He emphasized the company’s commitment to addressing challenges in Europe rather than retreating from the market.
Additionally, he noted that Worldcoin reached a significant milestone in Asia by collaborating with the Malaysian government’s applied research and development division to introduce digital proof of humanness in the country.
This shift to Asia comes as Worldcoin faces regulatory hurdles in some parts of the region, particularly in South Korea and Hong Kong. The South Korean Personal Information Protection Commission (PIPC) fined Worldcoin and its developer, Tools For Humanity, 1.1 billion Korean won ($830,000) for not adequately informing individuals about how their iris data would be used or where it would be stored.
Similarly, Hong Kong’s privacy regulator issued an enforcement notice against Worldcoin, halting its operations due to non-compliance with data privacy laws.
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