Sam Altman's Worldcoin Project Struggles Toward Billion-User Ambition With 17.5 Million Sign-Ups

Sam Altman's Tools for Humanity has verified around 17.5 million people through its iris-scanning Orb device. The company has set a goal of reaching 1 billion users, so it is less than 2% of the way there. The startup has raised $240 million from investors including Andreessen Horowitz, Bain Capital and Khosla Ventures. PitchBook estimates its valuation at $2.5 billion.

The Orb is a volleyball-sized metal sphere that scans irises to generate a World ID. Users can claim tokens of the cryptocurrency Worldcoin, currently worth around 80 cents per coin. Business Insider spoke to former Tools for Humanity employees, a former Orb operator from Kenya, and a former head of operations in Mexico City. Some questioned whether the company had a clear long-term strategy. Nick Maynard, vice president of fintech market research at Juniper Research, said he does not see a killer use case that will drive major traction. The company also continues to face regulatory headwinds. In October, agencies in the Philippines, Colombia and Thailand took action to halt operations. German authorities determined last year that the company's data protection measures would not be sufficient to protect against cybercriminals or state attackers.

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