Coinbase Schedules Worldcoin (WLD) Listing Specifies Optimism Network Support

Summary

• Coinbase Listing Planned: Coinbase announced it will add Worldcoin (WLD) to its listing roadmap, indicating upcoming support for trading the token on its platforms.

• Optimism Network Exclusivity: Support for WLD deposits and withdrawals on Coinbase will be restricted solely to the Optimism network; sending WLD via other networks may result in lost funds.

• Project Background & Challenges: Worldcoin, co-founded by Sam Altman, uses iris scans via the “Orb” for unique digital IDs (World ID) but faces ongoing privacy concerns and regulatory scrutiny in several countries despite its aim for proof-of-personhood and financial inclusion.

Listing Announcement and Network Details

The prominent cryptocurrency exchange Coinbase has publicly disclosed its intention to list Worldcoin (WLD), adding the asset to its official roadmap for future platform support.

This inclusion signifies that WLD trading capabilities will soon be introduced in Coinbase’s services.

Coinbase has stipulated that support for Worldcoin deposits and withdrawals will operate solely via the Optimism network, an Ethereum layer-2 scaling solution.

The exchange strongly advises users against sending WLD tokens using any other blockchain network, as doing so could result in permanent loss of the assets.

Upon launch, Worldcoin trading is expected to be enabled on both the primary Coinbase platform and Coinbase Exchange, contingent on jurisdictional availability and regulatory approval where applicable.

Some industry analysts suggest Worldcoin’s association with artificial intelligence developments and potential for broad adoption could influence its market trajectory, leading some to consider it a noteworthy investment prospect.

Worldcoin Project Overview

Worldcoin, developed by Tools for Humanity and co-founded by OpenAI CEO Sam Altman, aims to establish a globally accessible identity and financial network.

Its most distinctive and debated feature is the “Orb,” a physical device designed to scan individuals’ irises to generate a unique, privacy-preserving digital identity known as World ID.

This “proof-of-personhood” is intended to differentiate humans from AI bots online and potentially serve as a foundation for distributing universal basic income (UBI) in the future, for which users initially received WLD tokens upon verification.

Context and Considerations

The project has attracted significant attention and venture capital investment, but also faces considerable scrutiny regarding privacy implications, data security practices surrounding the biometric scans, and regulatory hurdles in various countries.

Concerns about collecting and storing sensitive biometric data have led to investigations and operational pauses in jurisdictions like Kenya, India, Brazil, France, and Germany.

Despite these challenges, the project continues its global rollout, emphasizing its commitment to privacy-preserving cryptographic techniques and its goal of creating a more inclusive global economy.

Coinbase’s planned listing represents a significant step towards broader accessibility and liquidity for the WLD token within the established cryptocurrency ecosystem.

Also Read: Base Token Crashes After Launch, Coinbase Denies Official Status

Previously committed to not introducing a native token, Coinbase’s Base blockchain now links to the launch of “BASEISFOREVERYONE,” a memecoin. This change has caused confusion and accusations of backtracking on earlier promises. The memecoin experienced extreme volatility. An initial rally was followed by a rapid 88% and then a further 94% crash, leading to concerns of a “rug pull” and significant financial losses for investors. Coinbase denies the token is an official “Base token,” claims it was automatically generated content, and distances itself from responsibility amidst user complaints and past assurances of no token issuance. The launch of the “BASEISFOREVERYONE” memecoin triggered an initial surge in value, but the token’s price experienced a dramatic collapse, plummeting 88% within two minutes. Despite the disastrous market performance, Base has not removed its announcement tweet, and the platform appears to be attempting to…[Read More]

*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.