Worldcoin developer buys Ottr, a digital wallet built on Solana.

Worldcoin's Tools for Humanity has acquired the Solana-based Ottr Wallet to enhance the user onboarding process for Worldcoin.

Iris Scanning Worldcoin Project Acquires Ottr Wallet to Enhance User Onboarding

| Last updated: March 1, 2024 05:29 EST | 1 min read

Source: Midjourney

Tool for Humanity, a key contributor to the Worldcoin project, has recently acquired the Solana-based Ottr Wallet. This strategic acquisition aims to facilitate Worldcoin’s user onboarding process and build the world’s largest human network to improve trust online and access to the global economy in the age of AI.

🎉 Joining forces with Tools for Humanity marks a significant milestone for us at Ottr, as we combine our expertise to advance the world of digital identity and finance,” said Aleksei Zakharov, CEO of Ottr.

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Ottr Wallet, which operates on the Solana blockchain, focuses on making it easier for average users to buy and transfer cryptocurrencies. Through this collaboration, Ottr’s user-friendly features, including integration with US bank accounts and gas-free transactions, will be integrated into Tools for Humanity’s ecosystem.

Furthermore, Ottr Finance will phase out its Solana-based wallet as it transitions into Tools for Humanity. During this transition period, Ottr users can export their private keys to any other Solana-compatible wallet, such as Phantom.

“We will continue to provide backend services for the next three months, and on June 1st, 2024, the app will be removed from app stores,” the company announced.

Ottr’s Focus on Developing World App

In addition to the acquisition, Ottr will be taking the lead in developing the consumer application and mobile wallet called World App within the Tools for Humanity ecosystem.

World App leverages the Worldcoin and Ethereum protocols to authenticate users’ Proof of Personhood with World ID. With this app, customers can send money for free, claim Worldcoin Grants (available in certain countries), and explore various crypto tokens.

“With this acquisition, our focus will now shift entirely to developing the World App,” said Zakharov.

It’s worth noting that World App already boasts over 1 million active users (MAUs) and has been downloaded over four million times since its release in November 2023. The recent app update contributed to the significant growth in the user base, providing users with more affordable transactions.

Q&A: What Readers Might Want to Know

🤔 Q: What is the Worldcoin project? 📝 A: The Worldcoin project aims to build a global network to improve trust online and enhance access to the global economy using AI and digital identity technologies.

🤔 Q: How does Ottr Wallet facilitate user onboarding for Worldcoin? 📝 A: The acquisition of Ottr Wallet by Tools for Humanity aims to integrate user-friendly features such as gas-free transactions and US bank account integration, making it easier for users to buy and transfer cryptocurrencies.

🤔 Q: What is the World App, and how does it leverage Worldcoin and Ethereum? 📝 A: The World App is a consumer application and mobile wallet within the Tools for Humanity ecosystem. It utilizes the Worldcoin and Ethereum protocols to authenticate users’ Proof of Personhood with World ID, enabling them to send money, claim Worldcoin Grants, and explore crypto tokens.

🤔 Q: How successful is World App? 📝 A: World App has already garnered over 1 million active users and has been downloaded more than four million times. The recent app update has made transactions more affordable for users.

Future Outlook and Investment Recommendations

Based on the recent acquisition of Ottr Wallet and the ongoing development of the World App, the Worldcoin project is positioning itself as a key player in the evolving landscape of digital identity and finance. By integrating user-friendly features and leveraging advanced technologies, the project aims to improve access to the global economy while enhancing trust online.

With the increasing adoption of blockchain technology and the growing demand for secure and user-friendly cryptocurrency solutions, investing in projects like Worldcoin could be a wise strategic move. As always, it’s essential to conduct thorough research and consider various factors before making any investment decisions.

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Disclaimer: The information provided in this article is for informational purposes only and should not be considered investment advice. Always conduct your own research and consult with a professional advisor before making any investment decisions.

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