TL;DR Breakdown
- Tools for Humanity, a subsidiary of Worldcoin, has invested over $4.8 million in Kenya, primarily for blockchain and cryptocurrency education, through partnerships with local institutions.
- The investment comes amid controversies, including a temporary suspension of Worldcoin’s operations by the Kenyan government due to concerns about public safety and data privacy.
- CEO Alex Blania assures the company’s long-term commitment to Kenya and denies allegations that Worldcoin intends to sell users’ biometric data.
Description
Worldcoin’s subsidiary, Tools for Humanity, has invested more than $4.8 million in Kenya, focusing on blockchain and cryptocurrency education as well as Information and Communication Technology (ICT) awareness. Alex Blania, the CEO of Tools for Humanity, disclosed the investment details during a parliamentary inquiry into the company’s activities in Kenya. It is important to know … Read more
Worldcoin’s subsidiary, Tools for Humanity, has invested more than $4.8 million in Kenya, focusing on blockchain and cryptocurrency education as well as Information and Communication Technology (ICT) awareness. Alex Blania, the CEO of Tools for Humanity, disclosed the investment details during a parliamentary inquiry into the company’s activities in Kenya.
It is important to know that the funds have been channeled through third-party agents and partners, including Strathmore University, the Blockchain Association of Kenya, and the American Chamber of Commerce.
The investment comes after the Kenyan government temporarily suspended Worldcoin’s activities in the country to assess potential risks to public safety. Despite the suspension, Blania emphasized the company’s long-term commitment to Kenya, stating that the business operations in the country are genuine, compliant, and transparent.
He also assured that neither Tools for Humanity nor the Worldcoin Foundation would sell users’ personal or biometric data, which is securely stored on servers located in various countries, including the United States and Germany.
Addressing concerns and future plans
The investment has not been without its share of controversies. A Kenyan technology lawyer, Meshack Masibo, questioned the validity of Worldcoin’s claim that Kenyans were freely sharing personal data. Masibo argued that it is challenging to prove that users were fully aware of what they were agreeing to. In response to these concerns, Blania reiterated the company’s commitment to operate honestly and transparently.
Tools for Humanity plans to inject additional funds into the project, aiming to further its educational initiatives in Kenya. The company’s focus on education aligns with the growing interest in blockchain technology and cryptocurrencies in the country, offering a potential avenue for economic development and technological advancement.
In summary, Tools for Humanity’s investment in Kenya marks a significant step in promoting blockchain education and ICT awareness in the country. While the initiative has faced scrutiny from regulatory bodies and legal experts, the company remains committed to its long-term goals in Kenya.
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