Tools for Humanity Cuts Jobs Amid Revenue Struggles at $2.5 Billion-Valued Worldcoin Parent
Updated
Updated · TechCrunch · Jun 8
Tools for Humanity Cuts Jobs Amid Revenue Struggles at $2.5 Billion-Valued Worldcoin Parent
1 articles · Updated · TechCrunch · Jun 8
Summary
Business Insider reported that Tools for Humanity is conducting layoffs as the Sam Altman-backed company struggles to generate revenue; the company had not confirmed the cuts.
The startup is best known for World, its iris-scanning identity system tied to Worldcoin, which aims to verify humans online and support trading of its cryptocurrency.
Tools for Humanity had raised money at a $2.5 billion valuation from investors including Andreessen Horowitz and Bain Capital, and has partnered in the U.S. with Tinder, Zoom and Docusign.
Its expansion has also drawn regulatory and ethical backlash: Kenya banned World, South Korea fined the company $830,000, and users in places including India and Hong Kong were offered about $50 in tokens for biometric data.