British fintech Unlimit has integrated with World App to streamline Worldcoin conversions into local fiat currencies for users in Colombia, Mexico, and certain European regions.
International fintech Unlimit has integrated with Tools for Humanity’s World App to support World Chain, a layer-2 solution focused on human-centric financial products, according to a Thursday press release shared with crypto.news.
The integration allows Worldcoin (WLD) holders in Colombia, Mexico, and parts of Europe to convert the token and stablecoins into local fiat currencies. The London-headquartered firm’s solution facilitates transfers between crypto wallets and bank accounts across Latin America, Asia-Pacific, Europe, the Middle East, and Africa.
Worldcoin goes mainstream in Latin America
Commenting on the integration, Unlimit Crypto’s head Bryan Feng told crypto.news that Worldcoin has been a “very important and impactful project for not only crypto but technology as a whole and futurism as well.” Feng added:
“We’re very grateful to be working with such a great team and foundation to serve users around the world getting their first experience in the crypto ecosystem.”
Worldcoin, co-founded by Sam Altman, Alex Blania, and Max Novendstern in 2019, seeks to establish a global, privacy-preserving financial network by distributing WLD through iris scans using a device known as the “orb.” In May 2023, Worldcoin raised $115 million in a Series C funding round led by Blockchain Capital, with contributions from Andreessen Horowitz’s a16z fund, Bain Capital Crypto, and Distributed Global.
Despite support from investors, Worldcoin faces mounting controversy due to fresh allegations of insider trading and market manipulation, with one analyst calling it “the biggest scam token of the bull run.” As crypto.news reported earlier, an on-chain analyst dubbed “DeFi Squared” found that less than 3% of WLD tokens are actually in circulation.
While the token ranks as the 103rd-largest crypto by market capitalization with a $648 million valuation, its fully diluted market cap reaches a staggering $22.4 billion, heightening concerns about significant value dilution as more tokens become available. DeFi Squared also raised concerns that the Worldcoin team may be manipulating the token’s price as the team is “controlling the price to still carry a $30 billion fully diluted valuation.”
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