At the same time, the Solana-based service will be shut down as a result of the deal

Ottr’s Solana wallet team will lead the development of WorldApp for Worldcoin

01.03.2024 - 11:30

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3 min

What’s new? The main developer of the Worldcoin project, Tools For Humanity, has bought the startup Ottr Finance, which created a non-custodial crypto wallet based on the Solana blockchain. As a result of the deal, the Solana wallet will cease operations and the Ottr team will fully switch to the development of the World App wallet in the Worldcoin ecosystem.

Press release

What else is known? Ottr users will be able to export their seed phrases and private keys to migrate to any other Solana-compatible wallet, including Phantom and Solflare. The Ottr service will be live for the next three months, and the app will be removed from marketplaces on June 1, 2024.

Ottr Wallet was launched 18 months ago and has since introduced features such as seamless integration with US bank accounts, fee-free transfers and trading, a marketplace of decentralized applications (DApps), and password-free cloud backup. The number of monthly active users was around 25 000.

The Ottr team first met with Tools for Humanity late last year and, according to a press release, “quickly understood the value in helping Worldcoin build the world’s largest human network to improve trust online and access to the global economy in the age of AI.” Following the deal, Ottr will lead the development of the World App wallet, which has a monthly audience of more than 3 million people.

Earlier, regulators of several countries around the world were interested in the Worldcoin project. The reason was that the project collects users’ biometric data to provide access to the ecosystem, which, according to the authorities, may violate the law.

The data is collected by scanning the retina with an Orb device to confirm that a new Worldcoin participant is a human. Then, using the WorldID protocol, the user receives a kind of digital passport, as well as 25 native tokens WLD as a gift.

Worldcoin developers reveal hardware details of Orb devices

Worldcoin developers reveal hardware details of Orb devices

Thus, the company intends to achieve full decentralization of the project

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At the end of January, Hong Kong authorities began to investigate the activities of Worldcoin. They demanded documents regulating the purpose and method of storing citizens’ sensitive data. At the end of last year, Worldcoin stopped offering verification services in India, France, and Brazil. And in October, the Kenyan Parliament recommended suspending the project in the country.

From February 12 to February 19, the WLD rate increased by more than 180% and reached an all-time of $7. The growth was facilitated by the launch of a neural network for creating Sora videos by OpenAI, the head of which, Sam Altman, is one of the creators of Worldcoin.

At the time of writing, WLD is trading at $7,57, having lost 6% overnight, with a weekly decline of 9,2%. The asset ranks 92nd in the ranking of cryptocurrencies with a capitalization of over $1 billion.

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