Worldcoin is shifting its focus from Europe to Asia to find nations that will be more open to its biometric technology.
Sam Altman’s co-founded cryptocurrency biometrics effort, Worldcoin, is moving its focus from Europe to Asia in an attempt to find countries that are more receptive to cutting-edge technologies.
The managing director of Worldcoin’s European operations, Fabian Bodensteiner, stated in an interview with Sifted that the company seeks to enter regions where local businesses and governments are more open to new technology. Fabian Bodensteiner:
I would not say that [Europe] is a large focus. We just see a larger dynamic in other regions of the world and because we are not 1,000 employees we need to prioritize where we see the biggest business opportunities.”
The article said that Bavaria’s data protection authority is likely to make an announcement later this month regarding a judgment that might have an impact on Worldcoin’s operations in Europe.
Worldcoin is now under regulatory examination due to its development by Tools For Humanity. The privacy authority in Hong Kong discovered in May that Worldcoin had broken local privacy regulations.
The San Francisco-based business was accused of posing privacy hazards due to its handling of biometric data.
According to Privacy Commissioner Ada Chung Lai-ling, the Worldcoin project’s collection of face and iris photographs was “unnecessary and excessive,” breaking local laws.
In a commentary, a spokesperson for the Worldcoin Foundation said the company “operates lawfully and is designed to be fully compliant with all laws and regulations governing data collection and use.”
Notwithstanding these difficulties, Worldcoin is still operating in Germany and has expanded into Poland and Austria this year.
Bodensteiner emphasized that Worldcoin is not completely leaving the market, even though the company is no longer primarily focused on Europe: “We want to stay in the conversation and we want to stay committed to the market.” Worldcoin is up 4.44% as of the time of writing, trading at $1.92.
