Worldcoin Shifts Focus To Asia
Date
10/7/2024 3:21:14 PM
(MENAFN- eTrendy Stock)
Worldcoin, the digital identity project led by Sam Altman, is adjusting its focus from Europe to Asia.
Fabian Bodensteiner, managing director of Worldcoin's European subsidiary, spoke at a recent Sifted summit, noting the company is turning its attention to regions more receptive to emerging technologies. According to Bodensteiner,“Europe isn't a major focus” for Worldcoin right now, but the project sees greater opportunities elsewhere due to“a larger dynamic.”
Worldcoin uses iris scanning to create digital identities, or World IDs, under its“proof of personhood” model. This model confirms individuals' uniqueness and allows them to claim Worldcoin's cryptocurrency, WLD.
The project aims to create a decentralized system supporting global economic fairness. Bodensteiner said the Asia-Pacific region, including markets like Japan and Malaysia, has shown more enthusiasm for integrating new technologies. During the interview, he noted that Worldcoin works with game publishers to incorporate its technology in these markets.
Regulatory Concerns for Worldcoin in Europe
Worldcoin's biometric data collection has faced criticism over privacy concerns. Some argue the widespread collection of iris scans could lead to risks around surveillance and the misuse of personal information. Worldcoin, however, insists its data protection measures meet the highest standards.
Despite these assurances, European regulators have taken notice. Bodensteiner acknowledged that the company faces scrutiny in countries such as Spain, France, Germany, and Portugal, which have launched investigations into the project's compliance with the General Data Protection Regulation (GDPR). The United Kingdom has also initiated a review of Worldcoin's operations, aligning with GDPR requirements.
Although Europe is no longer a major focus, Bodensteiner emphasized that the region is still part of Worldcoin's plans. This year, the project expanded into Poland and Austria and continues its activities in Germany. According to Bodensteiner, Worldcoin is determined to address the challenges in Europe while exploring more favorable markets globally.
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