After the stellar success of ChatGPT, Sam Altman officially rolled out Worldcoin, the cryptocurrency that leverages eyeball-scanning technology. Tools for Humanity, backed by OpenAI CEO Altman, is the company behind the creation of the Worldcoin token.
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Worldcoin aims to create a new global identity and financial network that consists of a privacy-preserving digital identity (World ID) and a digital currency (WLD). A person can receive a World ID after completing a biometric verification by a device called Orb. The World ID will remain private and help distinguish human beings from AI online. Impressively, Altman’s crypto venture already has over 2 million users.
The cryptocurrency exchange Binance will list WLD for trading today. It will add Worldcoin as a new borrowable asset with a new Isolated Margin pair, WLD/USDT, within 48 hours of listing.
Whether Altman’s Worldcoin will achieve the success of ChatGPT remains a wait-and-see story. Meanwhile, tight regulatory scrutiny and litigation against crypto companies have led to a dip in trade volumes.
Q2 Trading Volume Declined
Crypto research firm Kaiko earlier reported a decline in crypto trade volumes in Q2 due to the growing regulatory scrutiny and litigation against several crypto firms. The research firm also highlighted that Binance marked the most significant decline.
For Binance, trading volume dropped nearly 70%. Besides for regulatory crackdown, the reintroduction of fees for its Bitcoin (BTC-USD) pairs further led to a decline in volumes. Along with Binance, Coinbase (NASDAQ:COIN) also registered a decrease in volumes.
Owing to the challenges, Binance Coin (BNB-USD) has underperformed so far this year. In comparison, Bitcoin has registered massive gains on a year-to-date basis. (See the graph below.)
