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World app hits 1 million users amid global regulatory glance

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TL;DR

  • World App has achieved over one million monthly active users within six months of launch.
  • Tools for Humanity reports 500,000 weekly and 100,000 daily active users for World App.
  • The wallet ranks sixth on CoinGecko for crypto hot wallets with over four million downloads.

World App, the cryptocurrency wallet associated with Sam Altman’s Worldcoin, has garnered considerable user activity, reporting over one million monthly active users. The wallet, which has only been on the market for half a year, is now recognized as one of the industry’s most frequented crypto wallets. Tools for Humanity, the leading development team behind Worldcoin, disclosed that the wallet also boasts more than 500,000 weekly active users and surpasses 100,000 daily active users.

These figures place World App firmly in the competitive landscape of crypto wallets, with over four million total downloads to date. This surge in popularity has earned it the sixth spot in CoinGecko’s ranking of top crypto hot wallets for self-custody. Moreover, the World App’s transaction count has reached a staggering 22 million, a testament to its growing acceptance among cryptocurrency users.

Despite these successes, the project faces increased scrutiny from global regulatory bodies. Concerns are primarily focused on Worldcoin’s unique method of user verification. The process involves scanning the eyeball using a device known as the “orb,” creating a World ID and compensating users with the native WLD token. Countries like the UK, France, Germany, Argentina, and Kenya, which have halted the project, have raised data privacy concerns over this biometric collection practice. Worldcoin maintains that all biometric data is either deleted or encrypted securely, emphasizing its commitment to compliance with regulatory standards.

The World App is anchored by the World ID system, a digital identity solution that asserts human uniqueness without divulging personal details. Users can store and transfer Circle’s USDC stablecoin and engage in crypto trading through the Uniswap protocol. The application champions simplicity and inclusivity, supporting multiple languages and compatibility with a broad range of smartphones. Plans to expand support for additional local languages and currencies are underway.

Tiago Sada, the head of product at Tools for Humanity, expressed enthusiasm about the app’s rapid adoption. The team is focused on scaling up to meet demand as the intersection of digital identity and finance becomes increasingly critical. They anticipate that these early achievements are just the beginning of World App’s journey in the digital finance arena.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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