World Network, a digital identity project led by OpenAI CEO Sam Altman, recently announced the completion of a new round of financing of US$135 million, led by well-known venture capital firms a16z and Bain Capital. However, privacy issues have also caused it to face strict scrutiny from governments of many countries, including Brazil, Indonesia and Germany, raising questions about the ethics and legality of its "iris scanning for cryptocurrency" model.
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ToggleWorld raises $135 million: a16z, Bain lead the investment
World’s Official Twitter announced that it has completed a $135 million financing round led by Andreessen Horowitz (a16z) and Bain Capital Crypto, and will trade in its native token WLD.
The World team said the plan will be used to advance international deployment and strive to expand the coverage of its global services:
This round of financing will be mainly used to expand its iris scanning devices (orbs) and infrastructure, and it is expected to start formal operations in six cities in the United States.
As a digital identity credential that uses biometric verification to prove a person's real existence, World attempts to solve the challenge of "difficulty in distinguishing between real and fake humans" in artificial intelligence and the online world through World ID. Currently, more than 12.5 million users in more than 160 countries have completed identity registration and obtained World ID.
Tokens to lure irises? Many countries questioned the violation of the principle of informed consent
However, this practice of using cryptocurrency rewards in exchange for sensitive information such as users' irises has continued to be criticized by regulators in various countries, who suspect that its " money-for-scanning " model violates users' right to informed consent. Specifically include:
Brazil's National Data Protection Agency (ANPD): In January this year, it was required to stop operations and would be fined 50,000 Brazilian reais (about 8,851 US dollars) per day if it did not comply.
Indonesia's Ministry of Digital Communications and Information (Komdigi): In May this year, it suspended World's business license, saying it had not completed the registration process for digital asset service providers in accordance with regulations.
Germany's Bavarian Data Supervisory Authority (BayLDA): In December last year, it was required to comply with the EU's General Data Protection Regulation (GDPR) and provide users with a function to easily delete their personal biometric data.
It is reported that other countries including South Korea , Hong Kong , Kenya, Spain and Portugal are also conducting investigations or have implemented countermeasures.
When great visions meet real risks
Even though the original intention of the World project was to create a fair and universal digital identity system with "blockchain + biometrics", so that everyone can have verifiable proof of existence in the digital economy. However, when this vision is promoted through highly centralized operations involving sensitive personal data, it has attracted great controversy.
From the user's right to know, data security, to compliance with local regulations, these issues may become the biggest obstacle to the global expansion of the World project.
Currently, World is actively conducting investigations and dialogues with multiple governments, trying to clarify its business legality and data processing issues, but whether it can regain trust in the future remains a long-term offensive and defensive battle with no end in sight.
Risk Warning
Cryptocurrency investments carry a high degree of risk, their prices may fluctuate dramatically, and you may lose all your investment. Please assess the risks carefully.
Taiwan's virtual asset market ushers in a new historic chapter! Taiwan Mobile announced today (5/22) on "Bitcoin Pizza Day", a milestone in the development of Bitcoin, that its wholly-owned subsidiary Fu Sheng Digital has officially launched Taiwan's first virtual asset exchange founded by a large enterprise, the "Taiwan Virtual Asset Exchange" (TWEX). Not only does it focus on security, simplicity, and low barriers to entry, it has also been personally endorsed by Fubon Group Chairman Tsai Ming-chung, who bought his first Bitcoin in his life and invited everyone to step into the new era of Web3 together!
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ToggleLarge-scale enterprises enter the virtual asset market for the first time: TWEX officially launches
TWEX is the first virtual asset exchange in Taiwan created by a group company with dual backgrounds in telecommunications and finance. Launched by Taiwan Mobile's subsidiary "Fu Sheng Digital", combining the group's resources and financial holding strength, TWEX provides users with a complete experience from NT dollar deposits to asset management, making trading virtual assets more secure.
The listing was specially chosen on "Bitcoin Pizza Day", which not only echoes the history of Bitcoin, but also declares that TWEX is willing to open up a new situation for Taiwan's Web3 ecosystem.
Tsai Ming-chung's first move on Bitcoin: Fully support the Web3 wave
Fubon Group Chairman Tsai Ming-chung completed his first Bitcoin transaction on the TWEX platform. He said that virtual assets have entered a new stage of institutionalization and financial integration, and Web3 will be the new intersection of technology and finance. Fubon has three major territories in finance, telecommunications and e-commerce, and can provide complete application scenarios for digital assets. The establishment of TWEX is an important milestone in the group's layout of Web3.
In a video speech, Tsai Ming-chung also invited millions of users to bravely take the first step: "Start from a safe and trustworthy platform and embrace the new world of Web3!"
Lin Zhichen: Building a safe trading environment so that novices can enter the market with peace of mind
Fu Sheng Digital Chairman Lin Zhichen pointed out that the current usage rate of virtual assets in Taiwan is only about 5%, but the market potential is huge. TWEX is based on the three major designs of "safety, simplicity, and small amount" and hopes to lower the entry barriers. He stressed that the platform has introduced multiple safeguards, including:
Manage funds with Taipei Fubon Bank's trust account
Use HSM hardware security module to build cold wallet to strengthen asset protection
Support simulated trading operations to reduce the risk of novices making mistakes
Lin Zhichen also shared that he bought Bitcoin as early as 2013, when the price was only US$656. Now its value has grown more than 155 times, with an annualized return of 58%. He encouraged the public to look at the long-term development potential of virtual assets with a positive attitude.
Han Kunju: Starting with small change and trading in three steps, users can easily get started
Han Kunju, general manager of Fusheng Digital, said that TWEX has designed a user-friendly operation process specifically for novices. Users only need three steps: "select the currency, enter the amount, and confirm the purchase" to complete the transaction. It also set an industry-first investment threshold of NT$100, realizing the concept of "starting with small change, holding with confidence, and investing easily."
In addition, the platform currently allows Taiwan Mobile users to log in to TWEX directly through the Taiwan Mobile APP, without having to download a separate app, simplifying the registration and trading process.
On-chain transfers are not available for the time being to ensure the safety of novice users
Considering that blockchain operations may be too complicated for general users, TWEX currently does not open the on-chain transfer function, and only provides legal currency withdrawal and asset trading functions to prevent users from losing assets due to unfamiliar operations, thereby improving overall security and user confidence.
Pizza Day Launch Celebration: Pizza Hut and Uber Eats Double Promotion Starts!
To celebrate the official launch of TWEX on Bitcoin Pizza Day, the platform launched a number of joint activities:
The first 100 users who successfully trade Bitcoin will receive a free 6-inch Pizza Hut personal pizza
Cooperate with Pizza Hut to launch three super value pizza combos, with a minimum discount of 39%
In conjunction with Uber Eats promotions, enter the "Taiwan Big Pizza Day" discount code to get a discount of up to NT$1,000 (limited time)
Through these fun activities, TWEX not only makes investing easy, but also combines it with life and entertainment to promote the integration of virtual assets into daily life.
Large companies enter Web3, Taiwan's virtual asset market enters a new stage
The birth of TWEX symbolizes that the virtual asset market has entered the mainstream system from its initial stage. The strong alliance between Fubon Group and Taiwan Mobile has brought trust and security endorsement to the market. From investment threshold, operation design to asset custody, TWEX is user-friendly, with the goal of allowing every user to easily enter the new era of Web3. Whether virtual assets can develop in parallel with traditional finance in the future starts with this Bitcoin and a piece of pizza.
Risk Warning
Cryptocurrency investments carry a high degree of risk, their prices may fluctuate dramatically, and you may lose all your investment. Please assess the risks carefully.
