OpenAI founder’s crypto Worldcoin integrates Unlimit for fiat conversions

British fintech firm Unlimit has integrated with World App to facilitate the conversion of Worldcoins into local fiat currencies for users in Colombia, Mexico and some European regions.

International fintech startup Unlimit has integrated with Tools for Humanity’s World App to support World Chain, a layer-2 solution focused on human-centric financial products, according to a Thursday press release shared with crypto.news.

The integration allows Worldcoin (WLD) holders in Colombia, Mexico, and parts of Europe to convert tokens and stablecoins into local fiat currencies. The London-based firm’s solution facilitates transfers between crypto wallets and bank accounts across Latin America, Asia-Pacific, Europe, the Middle East, and Africa.

Worldcoin enters the mainstream in Latin America

Commenting on the integration, Bryan Feng, president of Unlimit Crypto, told crypto.news that Worldcoin is “a very important and impactful project, not just for crypto, but also for technology and futurism in general.” Feng added:

“We are thrilled to be working with such an incredible team and foundation to serve users around the world as they experience their first experience in the crypto ecosystem.”

Co-founded in 2019 by Sam Altman, Alex Blania, and Max Novendstern, Worldcoin aims to create a global, privacy-preserving financial network by distributing WLD via iris scans using a device known as an “orb.” Worldcoin raised $115 million in a Series C funding round led by Blockchain Capital in May 2023, with contributions from Andreessen Horowitz’s a16z fund, Bain Capital Crypto, and Distributed Global.

Despite investor support, Worldcoin has faced increasing controversy due to allegations of insider trading and market manipulation, with one analyst calling it “the biggest scam token of the bull run.” As crypto.news previously reported, an on-chain analyst dubbed “DeFi Squared” found that less than 3% of WLD tokens are actually in circulation.

While the token is ranked as the 103rd largest crypto by market cap with a valuation of $648 million, its fully diluted market cap comes to a staggering $22.4 billion, raising concerns about significant value dilution as more tokens become available. DeFi Squared also raised concerns that the Worldcoin team may be manipulating the token’s price as the team “still carries a fully diluted valuation of $30 billion by controlling the price.”