Worldcoin Redirects Focus from Europe to Asia, Says Exec

Worldcoin, the project co-founded by Sam Altman, is pulling back from Europe and turning its eyes toward Asia. The move was announced by Fabian Bodensteiner, the managing director for Europe, at the Sifted Summit. He mentioned that they’re looking for markets more receptive to new tech, given their limited team size.

Bodensteiner’s Opinion

Bodensteiner didn’t hold back in saying Europe isn’t their main game anymore. The focus is shifting to places like Japan, Malaysia, and even parts of Latin America, including Argentina. The primary reason behind this announcement is that they’re finding more enthusiasm for their tech in these regions.

Worldcoin project’s big idea is to use shiny chrome spheres called ‘Orbs’ to scan people’s eyeballs and faces. This is to hand out a ‘World ID’—a sort of digital badge proving users are a real person, not a bot, which is getting trickier with all the AI and deepfake tech out there. If an individual is up for getting scanned, he/she can snag some of the project’s cryptocurrency, WLD.

Worldcoin in Europe 

However it has not been that easy for Worldcoin in europe. The project is under a microscope in Europe. Earlier this year, Spain and Portugal hit pause on Worldcoin for 90 days after the uproar which came from over scanning of hundred’s of kids’ eyeballs and processing of sensitive data. And back in the UK, the Information Commission started poking around after the Orbs popped up in London.

With a decision from the General Data Protection Regulation (GDPR), the data protection authority, expected soon, the pressure is on. The audit, lasting nearly two years, will determine how well Worldcoin fits with Europe’s GDPR and laws. Meanwhile, Bodensteiner reiterated their commitment to Europe, stating they want to make it work and stay in the conversation.

Europe has always been tight when it comes to crypto exchanges. Recently, one of the biggest crypto exchanges in the world, Coinbase announced it will remove unauthorized stablecoins from Europe by 2024 end.

What’s Next for Worldcoin?

As for what’s next, Worldcoin has some action going in Poland and Austria, and there’s a buzz about new partnerships and an updated Orb coming up. They’re planning to spill the beans in a live stream with Sam Altman and CEO Alex Blania on October 17. Until then, it’s a waiting game to see how Worldcoin will navigate the regulatory hurdles and whether their tech will take off in their new target markets.