​ChatGPT creator launches World App crypto wallet with zero fees

What’s new? Worldcoin, a cryptocurrency project backed by OpenAI CEO Sam Altman, has released its first major consumer product. It is a crypto wallet, World App, based on the Polygon blockchain with the option to store and transfer various tokens. World App supports USDC and DAI stablecoins, as well as Worldcoin (WDC) and “wrapped” bitcoin (WBTC) and Ethereum (WETH). Withdrawals and deposits can be made with a bank card. Transactions are free of charge via phone contacts or a cryptocurrency address.

Press release

OpenAI, a technology developer based on machine learning, was launched in 2015 by Elon Musk and Sam Altman. Its chatbot with artificial intelligence, ChatGPT, was unveiled on November 30, 2022. In January 2023, the service was actively used by 100 million people, making it the fastest-growing service. The bot is used by traders, among others, because it can offer variants of the price movement of an asset based on current and historical data.

How does the app work? World App is currently in beta testing; support for more assets will be added in the near future. One can use the wallet to track the price movements of coins and trade them on decentralized exchanges (DEX). Trading is done through the Uniswap protocol. The application supports Ethereum Name Service (ENS) to send ERC-20 tokens. Withdrawals and deposits are made via Ramp and MoonPay crypto payment services.

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World App is part of Worldcoin’s vision to create a global identity and financial network that gives everyone ownership and access to the global economy. Worldcoin plans to achieve this goal by distributing tokens for free to anyone who proves to be a real and unique user using a device, the Orb, that scans the eye’s retina. The device is designed to protect privacy and ensure that each user can only claim one share of Worldcoin.

Initially, World App will work as a crypto wallet, later developers will add additional features focused on Worldcoin and World ID. World ID is a digital identity system that allows proving that a user is a real person, without revealing their identity. The app will also allow participation in the governance of the Worldcoin protocol, which is an open-source project supported by a global community of developers, individuals, economists, and technologists.

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Passing World ID verification will provide users with a number of benefits, including no transaction fees, access to crypto trading training courses, and priority when contacting customer support.

Worldcoin raised $25 million in 2021 with a valuation of $1 billion. The funding round was led by the venture capital fund Andreessen Horowitz (a16z). Coinbase Ventures, conglomerate DCG and a group of business angels also participated, including FTX founder Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman.