Solana-based wallet Ottr acquired by Worldcoin's Tools for Humanity
Quick Take Tools for Humanity, main developer of Worldcoin, has acquired Solana-based digital wallet startup Ottr Finance, the two companies announced. Ottr Wallet will be sunsetted as the company pivots to helping Tools for Humanity with the Worldcoin project, which is “onboarding hundreds of thousands” people new to web3 each week.
Tools For Humanity, main developer of Worldcoin WLD +0.20% , the crypto project co-created by OpenAI's Sam Altman, has acquired Solana SOL +17.49% -based digital wallet startup Ottr Finance, the two companies announced in a statement.
It appears the acquisition is, at least partly, geared towards aiding Worldcoin as it onboards new users, many of whom are new to web3. Worldcoin is a "proof of personhood" project which uses orb-shaped devices to scan a person's irises and establish they're a unique human before giving them crypto tokens for doing so. While the project has faced some scrutiny related to privacy concerns, it has signed up nearly 3.9 million people, according to Worldcoin's website.
Along with the millions of people signed up, Worldcoin has users in 120 countries since launching 220 days ago, according to the project's website .
Ottr Finance, which will sunset its Solana-based wallet as it is folded into Tools for Humanity, is keen to help Worldcoin with its mission. "We 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," Ottr Finance Aleksei Zakharov said in a statement. "Joining Tools for Humanity marks a new chapter for us, combining our expertise with theirs to advance the world of digital identity and finance."
'Seamless integration with US bank accounts'
Since its inception, Ottr Finance's wallet has introduced features like "seamless integration with U.S. bank accounts, gas-free transfers and trading [and] passwordless cloud backups," the statement said. Easy integration with American banks could help Tools for Humanity in the future, but for now, people living in the U.S. can not acquire Worldcoin's WLD token, which is given out to new signups, due to regulatory concerns.
Ottr Finance said it is giving its users time to move to a new wallet. "As our team transitions to Tools for Humanity, Ottr users can export their seed phrases and private keys to transition to any other Solana-compatible wallet," Zakharov also said. "Our backend service will remain operational for the next three months."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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