British fintech company Unlimit has recently partnered with World App to make it easier for users in Colombia, Mexico, and certain parts of Europe to convert Worldcoin into their local fiat currencies. This integration is part of World App’s World Chain, which focuses on providing human-centric financial products through a layer-2 solution.
Unlimit Crypto’s head, Bryan Feng, expressed his excitement about working with Worldcoin, emphasizing the project’s importance in the crypto and technology space. He mentioned that Worldcoin is not only impactful but also plays a significant role in shaping the future of finance and technology.
Founded in 2019 by Sam Altman, Alex Blania, and Max Novendstern, Worldcoin aims to create a global financial network that prioritizes privacy. The distribution of WLD tokens is done through iris scans using a device called the “orb.” In a Series C funding round held in May 2023, Worldcoin raised $115 million with support from investors like Blockchain Capital, a16z fund, Bain Capital Crypto, and Distributed Global.
Despite its success in fundraising, Worldcoin has faced criticism and controversy, with allegations of insider trading and market manipulation. Some analysts have even labeled it as “the biggest scam token of the bull run.” A recent report by “DeFi Squared” revealed that less than 3% of WLD tokens are currently in circulation.
Even though Worldcoin is ranked as the 103rd-largest cryptocurrency by market capitalization, its fully diluted market cap is significantly higher, raising concerns about potential value dilution as more tokens enter the market. There are also suspicions that the Worldcoin team may be manipulating the token’s price to maintain a high valuation.
Overall, the partnership between Unlimit and World App is a significant step towards making Worldcoin more accessible and user-friendly for individuals in Latin America and Europe. However, the controversy surrounding Worldcoin’s market practices and circulating supply continues to cast a shadow over its future prospects. Investors and users are advised to conduct thorough research and due diligence before engaging with the token.