Coinfund CEO and founder Jake Brukhman joins "First Mover" to discuss how Worldcoin, OpenAI CEO Sam Altman's crypto project, could help onboard billions of users into the crypto economy.
World coin could help onboard billions of users into the crypto economy. That's the thesis from Coin Fund and Open A I on open A I CEO. Sam Altman's crypto project. Joining us now to discuss is Coin Fund CEO and founder Jake Breman. Welcome to the show, Jake. Hi Jennifer. It's a pleasure to be with you today. It's a pleasure to have you here with us talking about world Coin. Let's talk about that prediction. I just mentioned billions is a lot of people. Why do you think that this is a possibility here? Uh I think that world coins, you know, what attracted coin fund to, to world was World Coin's large global vision uh and web three focused technology and values. And one of the core propositions of world coin is to build a system that can create a distribution of a Cryptocurrency that's even wider. Um you know, around the world uh than, than Bitcoins is today. And what we see uh this week as as World Coin has officially launched, it's uh it's out there in 35 countries. Sam Altman tweeted yesterday that, you know, one person every eight seconds is signing up So that's about 11,000 people a day. Uh You know, and the digital assets have also uh show had, had a strong showing. Uh most of the time staying above a 20 billion uh F TV. This week. Now, World Coin, the token is not available in the US. We've heard about some other countries, uh you know, looking into the project since its launch. Does that worry you as an investor? Uh It doesn't, I think that we'll uh we'll definitely get around to the US uh in terms of the distribution as you know, there's a, a regulatory environment in the US right now that is being figured out. But overall, we're, we're uh we're pretty bullish that that world coin will be very widely distributed. Now, Coin Fund was actually one of world coin's early backers. The investment happened back in 2021. Talk to us about why the early support. Yeah, I mean, I think at Coin Fund, this is what we try to do is we try to be early to uh you know, decentralization thesis and technologies. And one of the things that we saw early in world coin is just this incredibly robust solution to one of the key problems in decentralization technology. And of course, I'm referring to the idea of civil resistance or the idea that decentralized systems can now have uh guarantees that certain wallets belong to a, a single human. Now, the use cases that this uh creates are, are widespread and far reaching. I think we can now have uh voting systems in uh in the Blockchain space that are one person, one vote, we can have wider token distributions, we can have fair airdrops. Uh We could start to build uh you know, very robust reputation systems. Um And just thinking about all the activity on Twitter recently, there's one really obvious uh solution to protecting people from bots and that's proof of humanity, which is what World Quin provides. So across these use cases, we're just very excited about WW World Coin's future. You know, we often hear about investors, V CS investing in the people and not necessarily the project. Is this a bet on World Coin or is it a bet on Sam Altman, given everything else he's doing, especially in A I I, I have to say it's a little bit of both. But um what's definitely been true is that the World Coin team uh are just an incredible all star team. They created a piece of hardware that is completely custom unrivaled. And um you know, is, is really AAA brand new piece of technology in the world. Um You know, and, and most of that, of course, was done kind of internally uh by the team and just these folks ship so uh effectively and, and so, well, um they should be really proud of the three years of work that they've put in here. All right, Jake we got to leave it there. I look forward to talking to you more about your investments on future shows. Thanks for joining us. Thank you Jennifer. That was Quin Ceo and founder Jake Bruckman.