WLD Price Surges 14% as Worldcoin Launches in Ecuador, Plans Return to Kenya

4 months ago 1

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Worldcoin, the crypto project co-founded by OpenAI’s Sam Altman, is expanding its reach by introducing its World ID orb verifications in Ecuador.

This move is a significant step as the project also prepares to resume operations in Kenya after a year-long suspension due to regulatory concerns.

Worldcoin Gains Momentum with Ecuador Launch and Kenya Clearance

Starting June 26, Worldcoin will offer orb verifications at six locations in Guayaquil and Quito. This initiative allows Ecuadorians aged 18 and older to join the 5.7 million participants in the Worldcoin network.

The launch in Ecuador comes amid rising global support for technologies that verify human identity online. Recent surveys conducted by Tools for Humanity (TFH), a Worldcoin contributor, show strong support for these technologies.

In Ecuador, most respondents support technology-based solutions to distinguish humans from bots online. This finding aligns with Worldcoin’s aim to address the growing problem of online bots and fraud.

Worldcoin’s expansion into Ecuador also coincides with its growth plans in Argentina, which aim to make Argentina its hub in Latin America. This effort includes substantial investment and the creation of professional opportunities for at least 50 qualified developers, operations specialists, software engineers, and data analysts.

In a parallel development, Worldcoin has received clearance to resume its iris-scanning operations in Kenya. Local media reported that the Directorate of Criminal Investigations (DCI) issued a letter on June 14, closing the investigation that halted Worldcoin’s activities nearly a year ago.

“The resultant investigation file was forwarded to the Office of the Director of Public Prosecutions for an independent review and advice. Upon review of the file, the Director of Public Prosecutions concurred and directed that the file be closed with no further police action,” it reported.

Still, the DCI emphasized the need for Worldcoin to register its business and acquire necessary licenses. Additionally, it stressed the importance of Worldcoin in vetting its vendors for continued operations.

Kenya was one of the initial countries for Worldcoin’s iris-scanning scheme, which aimed to create a new identity and cryptocurrency system. However, operations were suspended shortly after the launch due to regulatory concerns about data protection and the legality of its services.

The suspension led to a parliamentary investigation recommending shutting down Worldcoin’s operations. The investigation cited data protection and consumer protection law violations and concerns over espionage and state security. It found that Worldcoin and its affiliates were not registered businesses in Kenya and lacked approval for their orb hardware.

TFH’s Chief Legal Officer, Thomas Scott, expressed gratitude for the fair investigation. He also reiterated the company’s commitment to working with the Kenyan government. Furthermore, he emphasized that the investigation’s closure marks a new beginning for Worldcoin in Kenya.

“We will continue working with the Government of Kenya and others and we hope to resume World ID registration across the country soon. For today, we are just pleased to return our focus to advancing Worldcoin’s mission: creating opportunities for people in Kenya and elsewhere to participate in the global economy,” he said.

Nonetheless, Worldcoin and TFH still face investigations in other countries, including Spain and Germany.

Recent developments caused Worldcoin’s native token, WLD, to experience a 14.44% increase in value, rising from $2.77 to $3.17. However, at the time of writing, the price of WLD has retreated to $2.97.

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