Worldcoin crypto eyes partnership with ChatGPT’s OpenAI and PayPal

The Worldcoin (WLD) team announced a potential partnership with OpenAI and ongoing conversations with PayPal (NYSE: PYPL). Sam Altman is the founder and brains behind Tools for Humanity and ChatGPT‘s OpenAI.

Tools for Humanity, the company behind Worldcoin, has hinted at potential collaborations with major tech and finance companies. Bloomberg reported the potential partnership on April 25.

On that note, CEO Alex Blania mentioned the possibility of working with OpenAI, although no official announcement has been made yet. Additionally, Blania confirmed that the company has had discussions with PayPal, but no concrete developments have emerged.

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Last year, Worldcoin collaborated with Okta, a cybersecurity firm, to develop a “sign in with Worldcoin” authentication service. This service could serve as an alternative or complement to similar tools offered by Apple and Google. The company has also received funding from notable investors, including Three Arrows and FTX cofounder Sam Bankman-Fried.

Worldcoin aims to authenticate an individual’s “humanness” by scanning their iris and converting the biometric data into a secure code. This code, combined with an algorithm, verifies the person as a unique human and provides a World ID. Users who participate in the scan can receive Worldcoin tokens as a reward, currently valued at around $5.

Worldcoin (WLD) price analysis

According to the TradingView crypto index, WLD was trading at $4.77 as of this writing. Interestingly, Worldcoin’s daily chart has two zones of interest that investors should watch closely following this recent news.

First, there is key support between $4.42 and $3.71, which WLD must hold to gather positive price action. Losing this zone could drive the price to the chart’s lows at nearly $2.00 despite the bullish partnership that is on the work.

Conversely, traders could expect strong momentum if Worldcoin breaks out of the range between $6.43 and $8.79.

WLD/USD daily price chart. Source: TradingView/Finbold

Orbs controversy

However, the Orbs used for scanning have faced bans in several European countries due to data harvesting concerns. Currently, Germany is the only market where Worldcoin can collect biometric data. Some critics have also pointed out that Altman, the cofounder and chairman of Tools for Humanity, is offering a solution to problems exacerbated by another of his companies, OpenAI.

Despite these challenges, the Worldcoin Foundation has announced World Chain, a permissionless, open-source layer 2 blockchain set to launch in mid-2024. This blockchain will be closely integrated with the Worldcoin protocol and will prioritize users with a World ID. The move is aimed at expanding the adoption of Worldcoin, although the market cap of its tokens has nearly halved over the past month.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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