UK data regulator, the Information Commissioner Office (ICO), has laid out intentions to probe the newly launched crypto project Worldcoin.
According to a report by Reuters on July 25, the ICO has taken notice of WorldCoin’s launch in the UK and will now proceed to “making further inquiries.”
Launched on Monday, Worldcoin is an Ethereum-based project founded by the CEO of OpenAI, Sam Altman. On the protocol’s official website, it states that Worldcoin aims to be “the world’s largest identity and financial public network.”
To achieve its aim, the network utilizes a digital identification system known as “World ID,” designed to differentiate humans from artificial intelligence online.
Interested Worldcoin users are required to undergo a physical iris scan process at one of the project’s “Orb” locations before being granted a WorldID, prompting much concern over the user’s privacy.
Currently, there are three Worldcoin Orb locations in the UK, all of which are based in London. Globally, the crypto project has already managed to establish 125 orbs locations in 20 countries across 5 continents.
Following the launch of Worldcoin on Monday, its native token, WLD, had an impressive debut in the market, rising by 88% and hitting a peak price of $3.31. However, the WLD token has since then recorded an overall negative price movement.
Based on data from CoinMarketCap, WLD is currently down by 16.76% in the last 24 hours, trading as low as $1.92 within this period.
According to Worldcoin’s whitepaper, WLD is primarily designed as a utility token for network governance. However, the token also serves as a payment medium for specific services in the World App or other crypto wallets.
Related Reading: Countdown To FOMC: What Bitcoin And Crypto Traders Must Brace For
At the time of writing, WLD is exchanging hands at $2.13, with a 0.57% gain in the last hour. The token’s 24-hour trading volume is also up by 34.56% and is valued at $403.35 million. With a market cap of $231.09 million, WLD ranks as the 124th largest cryptocurrency in the market.
WLD Trading At $2.2432 On The Hourly Chart | Source: WLDUSDT Chart On Tradingview.com
Featured Image From Worldcoin, Chart From Tradingview