Tools for Humanity Cuts Staff at $2.5 Billion Valuation as Worldcoin Revenue Falters
Updated
Updated · TechCrunch · Jun 8
Tools for Humanity Cuts Staff at $2.5 Billion Valuation as Worldcoin Revenue Falters
3 articles · Updated · TechCrunch · Jun 8
Summary
Business Insider reported Tools for Humanity is laying off staff, a retrenchment at Sam Altman’s World project as the company struggles to generate revenue.
The startup built its pitch around iris scans collected through its orb devices, using the biometric data to verify identities and support trading of its Worldcoin cryptocurrency.
That model has drawn commercial and regulatory strain: users in Kenya, India and Hong Kong were offered about $50 in Worldcoin for biometric data, while Kenya banned the project and South Korea fined it $830,000.
The cuts deepen pressure on a company once valued at $2.5 billion by backers including Andreessen Horowitz and Bain Capital, even as partners such as Tinder, Zoom and Docusign signed on in the U.S.