Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr

CryptoNews.com

2024-03-01 02:29:16

Sujha Sundararajan

Last updated:

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

Source: PixabayIris scanning Worldcoin project’s key contributor Tools for Humanity has acquired Solana-based Ottr Wallet to foster Worldcoin’s user onboarding process.

The strategic acquisition announced Thursday, aims to help Worldcoin build the world’s largest human network “to improve trust online and access to the global economy in the age of AI.”

“Joining Tools for Humanity marks a new chapter for us, combining our expertise with theirs to advance the world of digital identity and finance,” Ottr CEO Aleksei Zakharov wrote.

Ottr is a Solana-based DeFi wallet aiming to make it easier for average user to buy and transfer crypto. The collaboration aims to integrate Ottr’s user-friendly features including US bank accounts integration and gas-free transactions into Tools for Humanity.

Further, Ottr Finance will sunset its Sol-based wallet as it transitions into Tools for Humanity. As a result, Ottr users can export their private keys to any other Solana-compatible wallet like Phantom, the company noted.

“Our backend service will remain operational for the next three months, and on June 1st, 2024 the app will be removed from App stores.”

Ottr to Focus on Developing Worldcoin’s World App

Additionally, Ottr would join Tools for Humanity “to lead the development of their consumer application and mobile wallet — World App.”

World App leverages the Worldcoin and Ethereum protocols to help authenticate users’ Proof of Personhood with World ID. The app enables customers to send money for free, claim Worldcoin Grants in available countries and explore crypto tokens.

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

In November 2023, World App reached more than 1 million active users (MAUs) and achieved over four million downloads. The app’s update last year, contributed to the tremendous increase in the user base, which made transactions cheaper for users.

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