Worldcoin global ID demand doubles despite regulatory hiccup, WLD token turbulence

cyptouser12 months agoCryptocurrencies News281

Worldcoin global ID demand doubles despite regulatory hiccup, WLD token turbulence

Worldcoin claimed that demand for its global World ID verifications doubled during the first week of its launch despite the early regulatory troubles it faced across multiple jurisdictions.

In an Aug. 6 statement, Worldcoin said the release of new Orbs worldwide boosted its weekly verifications numbers, building on its already high verifications rate for this year. Earlier reports had revealed that Worldcoin attracted more than 2 million registrations before its launch.

Worldcoin further claimed that World App, the designated wallet for the project, saw its active users increase by three folds and recorded a ten-time increase in its weekly account creations during the same period.

The statement aligns with a previous revelation from its founder Sam Altman who said the project was onboarding eight users per second while sharing a video of several people lined up to use the project’s eye-scanning technology.

Regulatory woes

Since its launch, Worldcoin has faced high regulatory scrutiny in several countries, including Kenya, Britain,  France, and Germany, over how it handles the private data it collects.

Germany’s top privacy regulator has been investigating the firm’s data collection practices since November 2022, while data watchdogs in other countries have expressed concerns over Worldcoin’s operations.

In Kenya, Worldcoin was indefinitely suspended on Aug. 2, pending when the authenticity and legality of its activities are determined. The authorities in the African country warned that it would take action against any individual who abets the project’s operation.

Meanwhile, prominent crypto community members, including  Peter McCormack, the host of the ‘What Bitcoin Did’ podcast, have criticized its reliance on biometric data to verify identities. Worldcoin requires an individual to scan their Iris via one of its Orbs to confirm that they are human. Ethereum Co-Founder Vitalik Buterin said that biometric scanning was “sufficient” for privacy protection.

Worldcoin told CryptoSlate that it complies with local laws guiding the collection of personal data in all its operating markets.

WLD struggles

Despite its early claims of success, the Worldcoin WLD token’s value dropped 11% in the last seven days and trades at $2.03 as of press time, according to CryptoSlate’s data.

During this period, on-chain data from Etherscan shows that the project has less than 6000 holders and has only experienced 23,655 transfers.


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Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 600 Ether worth roughly $1 million to Coinbase earlier today.

The motive behind the transaction remains speculative as of press time. Usually, transfers to exchange are translated to mean an intention to sell. With Ethereum’s price recently struggling, Buterin’s transaction could further exert more selling pressure on the digital asset.

Meanwhile, on-chain sleuth Lookonchain reported that Vitalik.eth wallet repaid 251,000 RAI on DeFi platform Maker and withdrew 1,000 ETH (around $1.67 million) on Aug. 20.

The wallet known as “vitalik.eth” was created seven years ago and contained 3,993 ETH, worth $6.5 million as of press time. CryptoSlate, using the Arkham Intelligence dashboard, confirmed that the wallet belonged to the Ethereum co-founder. Other digital assets in the wallet include $84,000 worth of USD Coin (USDC) and $58,000 worth of Wrapped Ethereum (WETH).

This is not the first time Buterin would transfer assets to a crypto exchange. Earlier in the year, the Ethereum co-founder sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.

ETH price struggling

Buterin’s transaction is coming on the heels of last Thursday’s crypto market flash crash. Last week, ETH’s price fell below $1700 for the first time since June and continued to trade under the mark as of press time.

According to CryptoSlate’s data, ETH traded at $1667 at the time of writing after a slight decline of 0.18% in the last 24 hours.

However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.

Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

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