Worldcoin developer acquires Ottr Wallet to boost user onboarding
Tools for Humanity, the main developer behind the cryptocurrency project Worldcoin, has acquired Ottr Finance, a startup specializing in digital wallets based on the Solana blockchain. Announced on Thursday, the acquisition is part of an effort to streamline the onboarding process for new users to Worldcoin, a project co-created by OpenAI’s Sam Altman that employs a “proof of personhood” system using iris scans to distribute crypto tokens.
Worldcoin, which has registered nearly 3.9 million people across 120 countries since its launch 220 days ago, uses orb-shaped devices to scan individuals’ irises to confirm their unique identity before awarding them with cryptocurrency. Despite facing privacy concerns, the project continues to grow its user base. Ottr Finance, which will be discontinuing its Solana-based wallet, is set to assist Worldcoin in building what they describe as the world’s largest human network to enhance trust online and provide access to the global economy in the era of artificial intelligence.
The acquisition will see Ottr Finance’s user-friendly features, such as seamless integration with U.S. bank accounts, gas-free transfers and trading, and passwordless cloud backups, potentially integrated into Tools for Humanity’s offerings. However, due to regulatory issues, U.S. residents are currently unable to receive Worldcoin’s WLD token. Ottr Finance is giving users a three-month period to transition to other Solana-compatible wallets, with backend services remaining operational until then.
Ottr Finance’s CEO, Aleksei Zakharov, expressed enthusiasm for the merger, highlighting the combined expertise of both teams to push forward the digital identity and finance landscape. The collaboration will also focus on the development of the World App, a consumer application and mobile wallet that leverages Worldcoin and Ethereum protocols to authenticate users’ Proof of Personhood and offer various crypto-related services. The World App has seen significant growth, with over one million active users and four million downloads, partly due to updates that have reduced transaction costs for users.