Worldcoin Positions Argentina as LATAM ‘Hub’

Worldcoin plans to make Argentina a strategic “hub” for its operations in the Latin America region, the company has announced. The commitment involves significant direct investment to expand operations and enhance access to Worldcoin’s AI tools, including the World ID, a digital ID system that uses biometrics to differentiate humans from bots online.

The expansion will solidify Argentina’s role as a key player in Worldcoin’s regional strategy, building on the country’s technological and economic development. As part of this investment, Worldcoin plans to onboard at least 50 qualified professionals, including developers, operations specialists, software engineers, and data analysts. Furthermore, 50 Worldcoin locations will be established in over 10 cities, along with two “experience stores”, all slated to open during the Argentine summer.

Currently, over a million Argentinians use the World App each month. Developed by Tools for Humanity, the app’s popularity was evident as it became the most downloaded app in Argentina on both the App Store and Google Play for several weeks in early 2024, showcasing the growing impact of Worldcoin’s technology in the country.

Verified World ID holders not only prove their humanity and uniqueness in various applications but also gain access to WLD token grants, which are designed to promote utility and governance participation. However, eligibility for WLD tokens is geographically restricted, though the World ID and World App remain accessible in the United States.

Argentina has been grappling with severe inflation for several years. As of last year, the country had one of the highest inflation rates in the world, with annual rates often exceeding 50 percent. Javier Milei, a libertarian economist, won the presidency toward the end of last year thanks in large part to his promises of aggressive action against inflation.

Argentina’s severe inflation problem creates an appealing environment for Worldcoin and its cryptocurrency because people seek stable alternatives to protect their wealth. Cryptocurrencies are sometimes seen as offering a hedge against inflation, providing a means to preserve value in a rapidly depreciating economy. Worldcoin’s investment in Argentina could attract users looking for more reliable financial tools, thereby expanding their market presence in a country with a strong demand for financial stability.

Source: Worldcoin

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(Originally published on Mobile ID World)