Despite facing challenges with regulators, the iris-scanning Web3 project Worldcoin has attracted over 4 million users who have downloaded its mobile application.
Success of World App
According to Tools for Humanity (TFH), World App is now the sixth most used hot crypto wallet, only five months after its launch. TFH states that the platform has doubled its monthly active users to 1 million in the same time frame.
Daily users are over 100K, while weekly users consistently surpass 500K. The report reveals that World App’s retention of users and a new scalability feature have resulted in a total transaction volume of 22 million.
“It’s inspiring to see the excitement around the world since launching World App,” said Tiago Sada, TFH’s Head of Product. “The team has been focused on meeting the current demand, and as the need for digital identity and digital finance continues to grow, we know this is just the beginning.”
Factors for Success
Worldcoin attributes the success of its wallet to “gas-free transactions” for World ID holders. The project developers believe that an intuitive and minimal interface has attracted new Web3 users to interact with World App. By providing an app that is smaller than other wallets and supporting a wide range of smartphones, Worldcoin has distinguished itself from the competition. Adding multiple languages and customization options has also contributed to its rise in popularity.
“Further localization will be rolling out soon, including the ability to customize the user experience with additional languages and local currencies,” stated Worldcoin.
The app gained attention by offering digital IDs through iris scans. Users who opt for the scan receive 25 WLD tokens, valued at approximately $46.50, in the World App.
Pundits argue that the recent metrics from World App disprove the claim that most users are seeking to cash out their 25 WLD tokens and never return.
A Rough Patch with Regulators
Since its launch, Worldcoin has faced scrutiny from regulators in multiple jurisdictions over privacy concerns. The Agency for Access to Public Information (AAIP) in Argentina has initiated investigations against Worldcoin for its data handling methods.
Similar investigations have been launched in France, Kenya, and Germany. Worldcoin maintains that its operations comply with local regulations. Currently, operations in Kenya have come to a halt following a raid by local law enforcement on Worldcoin offices.
### News source: zycrypto.com