Sam Altman’s Worldcoin Turns Attention to Asia, Easing Focus on Europe

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

October 7, 2024 03:03 EDT

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Sam Altman’s iris-scanning project Worldcoin is reportedly shifting its focus from Europe to Asia.

Fabian Bodensteiner, managing director of the project’s Europe subsidiary, said at a recent Sifted summit that the company is now focusing on markets where local companies and governments actively embrace new technologies.

He told the audience that Europe isn’t a major focus. Instead, the company sees a “larger dynamic” in other regions, driven by more substantial business prospects there.

Worldcoin didn’t return Cryptonews’ request for comment by press time.

Digital IDs Meets Resistance Over Biometric Data Concerns

The project aims to create a network to verify individuals online through a “proof of personhood” concept. By scanning irises, it gives users a digital identity, or World ID, confirming their uniqueness and allowing them to claim Worldcoin’s cryptocurrency, WLD, to support a fair global economy.

However, critics argue that Worldcoin’s iris scanning practice raises serious privacy concerns. They fear that collecting biometric data on such a large scale could lead to surveillance or data being sold to third parties, despite Worldcoin’s assurances about data security and protection.

Scrutiny from Regulators

Bodensteiner pointed to markets in the Asia-Pacific, like Japan and Malaysia, and in Latin America, such as Argentina, as more receptive to the technology. In the APAC region, Worldcoin is reportedly working with prominent game publishers to integrate Worldcoin’s technology into their platforms.

Meanwhile, several European countries, including Spain, France, Germany and Portugal, have launched investigations into Worldcoin. These probes focus on whether its practices comply with the strict GDPR regulations governing data protection in the EU.

The UK too has shown concerns and initiated a review into Worldcoin’s operations, aligning with GDPR principles.

Bodensteiner clarified that Europe remains part of the firm’s plans, though it isn’t the main focus.

This year, Worldcoin expanded into Poland and Austria, while continuing its activities in Germany. He stressed the company’s commitment to overcoming challenges in Europe rather than withdrawing.