Worldcoin Partners with Unlimit for Fiat Conversions

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

This strategic partnership between Unlimit and Tools for Humanity’s World App supports World Chain, a layer-2 solution focused on human-centric financial products. The integration allows Worldcoin holders in these regions to convert the token and stablecoins into local currencies seamlessly. Unlimit, headquartered in London, enables transfers between crypto wallets and bank accounts across Latin America, Asia-Pacific, Europe, the Middle East, and Africa.

Worldcoin’s Expansion in Latin America

Bryan Feng, Head of Unlimit Crypto, emphasized the significance of the integration, stating that Worldcoin is a “very important and impactful project for not only crypto but technology as a whole and futurism as well.” He added, “We’re very grateful to be working with such a great team and foundation to serve users around the world getting their first experience in the crypto ecosystem.”

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

Controversies and Challenges

Despite strong investor support, Worldcoin faces mounting controversies, including allegations of insider trading and market manipulation. An analyst described it as “the biggest scam token of the bull run.” On-chain analyst DeFi Squared highlighted that less than 3% of WLD tokens are in circulation.

While Worldcoin ranks as the 103rd-largest cryptocurrency by market capitalization at $648 million, its fully diluted market cap is a staggering $22.4 billion, raising concerns about value dilution as more tokens become available. DeFi Squared also suggested that the Worldcoin team might be manipulating the token’s price to maintain a $30 billion fully diluted valuation.

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