Worldcoin shifts focus from Europe to Asia amid GDPR challenges

Worldcoin is shifting its focus from Europe to Asia, seeking markets more open to its biometric technology.

Worldcoin, the crypto biometrics startup co-founded by Sam Altman, is shifting its focus from Europe to Asia to seek markets more open to innovative technologies.

Fabian Bodensteiner, general manager of the company’s European operations, stated in an interview with Sifted that Worldcoin aims to target markets where local companies and governments are more open to emerging technologies.

“I won’t say that [Europe] It’s a big focal point. “We see a greater dynamic in other parts of the world, and since we don’t have 1,000 employees, we need to prioritize where we see the biggest business opportunities.”

Fabian Bodensteiner

The report notes that the technology behind Worldcoin, developed by Tools For Humanity, is currently facing regulatory scrutiny and Bavaria’s data protection authority is expected to announce a decision later this month that could affect its operations in Europe.

In May, Hong Kong’s privacy regulator found Worldcoin had violated local privacy laws and said the San Francisco-based startup posed privacy risks linked to the way it handled biometric data. Privacy Commissioner Ada Chung Lai-ling said the facial and iris images collected by the Worldcoin project were “unnecessary and excessive” and violated local rules.

In a comment to Crypto.news, a spokesperson for the Worldcoin Foundation said the company “operates legally and is designed to fully comply with all laws and regulations governing data collection and use.”

Despite these difficulties, Worldcoin expanded to Poland and Austria this year and continues its operations in Germany. While Europe is no longer the company’s primary focus, Bodensteiner emphasized that Worldcoin is not withdrawing completely, saying “we want to stay in the conversation and we want to stay connected to the market.” As of the time of writing, (WLD) is trading at $1.92, up 4.44%.