Despite looking to explore other markets in both Asia and Latin America, Worldcoin remains determined to make an impact in Europe.
Worldcoin WLD $0.71 24h volatility: 5.6% Market cap: $889.80 M Vol. 24h: $92.39 M , an iris-scanning cryptocurrency project co-founded by Sam Altman, is strategically pivoting away from Europe, shifting its focus to more receptive markets in Asia-Pacific and Latin American nations.
During the just-concluded Sifted Summit in London, Fabian Bodensteiner, managing director of the project’s Europe subsidiary, said that Worldcoin is targeting countries like Japan, Malaysia, and Argentina.
Regulatory Hurdles in Europe
The project’s decision to exit the European market comes amid growing concerns over data privacy and the regulatory scrutiny it has faced in the region. In particular, countries like Spain, Portugal, and France have temporarily banned Worldcoin from operating in their countries due to privacy concerns.
In March 2024, Portugal’s data protection authorities temporarily suspended Worldcoin’s operations following complaints about the collection of children’s biometric data. This prompted an investigation into Worldcoin’s practices, raising concerns about compliance with the EU’s stringent General Data Protection Regulation (GDPR).
Exploring New Opportunities
The mounting pressure has led the company to reconsider its strategy in the region, focusing on areas with more regulatory flexibility and openness to new technologies. According to Bodensteiner, the project sees the Asian Pacific Region (APAC) and Latin America as more significant markets than Europe.
“I would not say that [Europe] is a large focus. We see a larger dynamic in other regions of the world, and because we’re not 1000 employees, we need to prioritize where we see the biggest business opportunities,” Bodensteiner said.
He further revealed that Worldcoin is currently working with “very prominent game publishers” both in Latin America and the APAC region to integrate Worldcoin’s tech into their products.
Worldcoin Still Committed to Europe
Despite its international ambitions, Bodensteiner affirmed that Worldcoin is not abandoning the European market. He disclosed that the crypto biometric project is still committed to making things work in the region.
“We want to make it work here; we don’t just want to leave Europe and dodge things. We want to stay in the conversation, and we want to stay committed to the market,” he said.
Since its introduction in July 2023, the project has explored several European markets, scanning people’s irises across the region. This year alone, Worldcoin has expanded to Austria and the United Kingdom. However, in the UK, the project is still awaiting approval to scan people’s irises in exchange for some WLD.
Last month, Worldcoin announced that it is now available in Poland, where it plans to reward those who have proven their humanity with an iris scan with 25 WLDs, the project’s underlying crypto asset.
next