Worldcoin token surges 12% after Ecuador expansion and Kenya probe closure News ▸ Africa ▸ Worldcoin ▸ Technology
Worldcoin token surges 12% after Ecuador expansion and Kenya probe closure
Worldcoin continues to face significant legal troubles despite its recent victories.
2 min read
Updated: Jun. 20, 2024 at 2:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Worldcoin’s WLD token jumped by more than 12% to over $3 the past day after the project scored significant victories in different jurisdictions.
Worldcoin is a proof-of-personhood crypto project that has faced scrutiny and controversy worldwide since its launch due to its facial data collection. These challenges have significantly impacted the WLD token, down more than 70% since its March all-time high of $11.
However, the project recorded pivotal milestones for its operations this week, prompting a rebound in the asset’s value.
Kenya drops Worldcoin probe
Worldcoin told CryptoSlate that Kenya has ceased its investigation into the project.
In an emailed statement, a Worldcoin spokesperson confirmed that Kenya’s Director of Criminal Investigations (DCI) had closed its investigation into the project’s alleged data collection violations. Thomas Scott, the Chief Legal Officer at Tools for Humanity, said:
“We are grateful for the DCI’s fair investigation and for the Director of Public Prosecutions’ determination to close the matter. This welcome result is, however, not an end but a beginning. We will continue working with the Government of Kenya and others and we hope to resume World ID registration across the country soon.”
This news would be a welcome development for a project that recently agreed to stop its Spanish operations until the end of the year or until the Bavarian Data Protection Authority (BayLDA) makes a final decision regarding its investigation of the firm’s data handling practices.
Ecuador expansion
On June 19, Worldcoin announced the upcoming availability of its World ID verification orbs in six locations across two Ecuadorean cities of Guayaquil and Quito.
The orbs will start operating on June 26 in Guayaquil and June 27 in Quito. Starting June 24, Ecuadorians can locate orb sites via the Worldcoin website and app.
This expansion aligns with growing global support for proof-of-humanness initiatives. According to Worldcoin, a staggering 92% of a recent online survey in Ecuador showed that they support technology-based solutions to differentiate humans from bots online.
The same trend was observed in other countries, such as Peru and Colombia, where respondents are wary that bots could “lead to even greater levels of fraud and misinformation.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Worldcoin’s mission is to build the world’s largest identity and financial network to serve as a public utility, giving ownership to everyone.
Worldcoin
Worldcoin, co-founded by Alex Blania and OpenAI CEO Sam Altman, seeks to provide its users with a verified digital identity, as well as a cryptocurrency token (WLD) and a crypto wallet software.
Sam Altman is the CEO of OpenAI, an AI research and deployment company since 2019.