Pressured by the increased regulatory challenges in Europe, Worldcoin switches focus to Japan, Argentina, and Malaysia.
Worldcoin, a cryptocurrency project that utilizes iris scanning and was co-founded by Sam Altman, is strategically reorienting its focus to more receptive markets in the Asia-Pacific and Latin American regions.
Fabian Bodensteiner, the managing director of the project’s Europe subsidiary, stated at the recently concluded Sifted Summit in London that Worldcoin focuses on countries such as Argentina, Malaysia, and Japan.
The project’s decision to withdraw from the European market results from the increasing regulatory scrutiny and data privacy concerns encountered in the region. Due to privacy concerns, Worldcoin has been temporarily prohibited from operating in certain countries, including Spain, Portugal, and France.
Portugal’s data protection authorities temporarily suspended Worldcoin’s operations in March 2024 in response to complaints about collecting children’s biometric data. This led to an inquiry into Worldcoin’s operations, which raised concerns regarding its adherence to the EU’s rigorous General Data Protection Regulation (GDPR).
Investigating Novel Opportunities
The organization has been compelled to reevaluate its regional strategy in response to the increasing pressure, emphasizing areas that exhibit greater regulatory flexibility and are more receptive to new technologies. Bodensteiner asserts that the project considers the Asian Pacific Region (APAC) and Latin America more significant markets than Europe.
“I would not characterize [Europe] as a significant focus.” Bodensteiner stated, “We observe a more significant dynamic in other regions of the world, and as we have fewer than 1,000 employees, we must prioritize the areas where we perceive the greatest business opportunities.”
He also disclosed that Worldcoin is collaborating with “very prominent game publishers” in the APAC region and Latin America to incorporate Worldcoin’s technology into their products.
Worldcoin Remains Devoted to Europe
Bodensteiner confirmed that Worldcoin is not neglecting the European market despite its international aspirations. He disclosed that the crypto biometric project ensures that the region functions appropriately.
“We are committed to ensuring that the situation is resolved in this location; we are not merely seeking to evade the situation by departing Europe.” He stated, “We are committed to the market and wish to remain engaged in the conversation.”
The project has investigated numerous European markets since its inception in July 2023, conducting iris scans of individuals throughout the region. Worldcoin has expanded to the United Kingdom and Austria this year. Nevertheless, the project is still awaiting approval in the United Kingdom to scan individuals’ irises in exchange for a small amount of WLD.
Worldcoin announced last month that it is now accessible in Poland. In exchange for an iris scan, the company intends to reward individuals who have demonstrated their humanity with 25 WLDs, the project’s underlying crypto asset.