The digital identity project co-founded by OpenAI CEO Sam Altman, Worldcoin, is ditching Europe, a company executive has told Reuters, a shift away from a market that Europe has long sought to dominate.
Managing director of Worldcoin Europe Fabian Bodensteiner said the company sees more potential in Asia Pacific (APAC) and Latin America markets, in particular. Bodensteiner speaking at Sifted Summit said that countries like Japan, Malaysia and Argentina have governments more open to new technologies.
“We just see a larger dynamic in other regions of the world and because we’re not 1,000 employees we need to prioritize where we see the biggest business opportunities.”
Worldcoin Actively Partnering With APAC
“I’m noting Worldcoin is actively working with the biggest game publishers in APAC to include their technology including their digital passport, creating World ID.” For example, Worldcoin’s strategy when entering Malaysia is not only to get consumer access but also to involve local businesses.
The company is working with Mimos, Malaysia’s national research center, as well as the e-government services app, MyEG Services. The digital identity project, however, is continuing operations in Europe but has faced delays in the face of regulatory challenges.
In July 2023 a German data protection authority probe of Worldcoin’s use of iris biometrics began and is still pending a decision later this month. The digital identity projectoperations were halted temporarily in Spain and Portugal this year over concerns over how sensitive data is dealt with.
The company, however, only recently launched operations in Poland, and started World ID verifications in Austria. Bodensteiner confirmed that Worldcoin is still in contact with EU regulators, providing that ‘We want to make it work here; we don’t just want to leave Europe and duck things.’
