Digital identity project Worldcoin claimed it verified an Argentinian every nine seconds during an undisclosed day this month, according to an Aug. 31 blog post.
The project reported that 9,500 Argentinians successfully verified their World ID on its platform, signaling its significant popularity in the South American nation. Furthermore, due to overwhelming demand, its World App briefly claimed the top spot in Argentina’s App Store rankings.
Alex Blania, Worldcoin co-founder and the CEO of Tools for Humanity, described Argentina as one of the most crypto-forward countries in the world. Blania pointed out that Argentinians “were much more sensitive and understanding of the fundamental principles of crypto.”
Argentina’s struggling economy, marred by rampant inflation, has driven its populace to increasingly embrace cryptocurrencies to safeguard their assets against the ongoing financial turmoil.
Earlier this month, a pro-BTC candidate, Javier Milei, unexpectedly won the country’s primary presidential race, pushing the flagship asset to an all-time high against the Argentinian Peso.
Worldcoin under investigations
Despite its acclaimed popularity, Worldcoin is currently under investigation across several jurisdictions.
Argentina’s Public Information Access Agency announced its intention to conduct a comprehensive review of Worldcoin’s processes and procedures related to acquiring, retaining, and utilizing its citizens’ personal data.
The agency stated that it was committed to implementing appropriate measures to rectify any issues that may emerge during this assessment.
Meanwhile, Worldcoin faces regulatory issues in other jurisdictions like Kenya, which outrightly suspended its operations. Kenyan authorities claimed that Worldcoin began its operations disguised as a research project in the African country.
Additionally, several privacy regulators in the U.K., France, and Germany have launched separate investigations into Worldcoin’s biometric data collection to verify identities.
However, Worldcoin told CryptoSlate that it complies with local laws guiding the collection of personal data in all its operating markets.
Data from CryptoSlate shows that Worldcoin’s WLD token tanked by nearly 9% in the last 24 hours to $1.19866 as of press time.
This continues a downward trend that has seen the digital asset lose more than 50% of its value within a month of launch.
During this period, on-chain data from Etherscan shows that the project has 6153 holders and has only experienced 32,119 transfers.