2023-11-4 00:51 |
Despite facing a rough patch with global regulators, the iris-scanning Web3 project Worldcoin has seen over 4 million users download its mobile application.
According to recent figures revealed by Tools for Humanity (TFH), World App is now the sixth most used hot crypto wallet, barely five months since its launch. TFH, the team behind World App, noted that the platform has doubled its monthly active users to 1 million in the same time frame.
Daily users stand at just over 100K, while weekly users consistently surpass 500K. Per the report, World App’s ability to retain users and a new scalability feature has seen total transaction volume reach 22 million.
“It’s inspiring to see so much excitement around the world in less than six months since launching World App,” said Tiago Sada, TFH’s Head of Product. “The team has been heads down working on meeting the current demand, and as the need for digital identity and digital finance continues to become more pressing, we know this is just the beginning.”
Worldcoin points to several reasons for the success of its wallet, including the provision of “gas-free transactions” for World ID holders. The project’s developers say using an intuitive and minimal interface has attracted new Web3 users to interact with World App.
Worldcoin says that by creating an app that is “significantly smaller” than other wallets and offering support for a wide range of smartphones, it distinguished itself from the herd. Furthermore, adding multiple languages and the perks of customizations has seen it rise to the top of the rankings.
“Further localization will be rolling out soon, including the ability to customize the user experience with additional languages and local currencies,” read Worldcoin’s statement.
Worldcoin shot to fame by offering digital IDs to individuals through iris scans. As an incentive to drive growth, individuals who opt to be scanned receive 25 WLD tokens worth around $46.50 in the World App.
Pundits say the recent metrics from World App dispel claims that most users are one-time users seeking to cash out their 25 WLD tokens.
A rough patch with regulatorsSince its launch, Worldcoin has received the short end of the stick from regulators in several jurisdictions over privacy concerns. Argentina’s Agency for Access to Public Information (AAIP) announced the start of investigations against Worldcoin over data handling methods.
France, Kenya and Germany have also launched similar investigations against the iris-scanning project, but Worldcoin maintains that its operations are in compliance with local regulations. At the moment, company operations in Kenya have been brought to a grinding halt with local law enforcement raiding Worldcoin offices.
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