UK regulator to investigate Worldcoin as WLD declines 17% one day after launch

The UK data regulator, the Information Commissioner’s Office (ICO), has laid out its intentions to investigate the recently launched Worldcoin crypto project.

according to a Reuters report On July 25, the ICO became aware of the launch of WorldCoin in the UK and will now proceed to “make further inquiries.”

Launched on Monday, Worldcoin is an Ethereum-based project founded by OpenAI CEO Sam Altman. On the official website of the protocol, it is stated that Worldcoin claims to be “the world’s largest public financial and identity network.”

To achieve its goal, the network uses a digital identification system known as “World ID,” designed to differentiate humans from artificial intelligence online.

Interested Worldcoin users must undergo a physical iris scanning process at one of the project’s “Orb” locations before they are granted a WorldID, raising much concern about user privacy.

There are currently three Worldcoin Orb locations in the UK, all based in London. Globally, the crypto project has already managed to establish 125 orb locations in 20 countries across 5 continents.

Following Worldcoin’s launch on Monday, its native token, WLD, made an impressive market debut, rising 88% and reaching a peak price of $3.31. However, the WLD token has since recorded an overall negative price movement.

based on CoinMarketCap dataWLD is currently down 16.76% in the last 24 hours, trading as low as $1.92 within this period.

According Worldcoin White Paper, WLD is primarily designed as a utility token for network governance. However, the token also serves as a means of payment for specific services on World App or other crypto wallets.

Related reading: FOMC Countdown: What Bitcoin and Crypto Traders Should Prepare For

At the time of writing, WLD is trading at $2.13, up 0.57% in the last hour. The token’s 24-hour trading volume also increased by 34.56% and is valued at $403.35 million. With a market capitalization of $231.09 million, WLD ranks as the 124th largest cryptocurrency on the market.

WLD Trading At $2.2432 On The Hourly Chart | Source: WLDUSDT Chart On

Worldcoin Featured Image, Tradingview Chart

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