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Worldcoin Project’s Acquisition of Ottr Wallet
Tools for Humanity, a key contributor to the Iris scanning Worldcoin project, has recently acquired the Solana-based Ottr Wallet. This strategic move aims to enhance Worldcoin’s user onboarding process and build the world’s largest human network to improve trust online and access to the global economy in the age of AI.
Collaboration Details
- The acquisition was announced on Thursday.
- Ottr CEO Aleksei Zakharov expressed excitement about joining Tools for Humanity to advance the digital identity and finance sector.
- Ottr, a Solana-based DeFi wallet, focuses on simplifying crypto transactions for average users.
- The collaboration will integrate Ottr’s user-friendly features, such as US bank account integration and gas-free transactions, into Tools for Humanity.
Transition Plan
As part of the acquisition, Ottr Finance will phase out its Sol-based wallet and encourage users to export their private keys to other Solana-compatible wallets like Phantom. The app will be removed from App stores on June 1st, 2024, after three months of backend service continuation.
Focus on World App Development
Following the acquisition, Ottr will concentrate on developing the World App, a consumer application and mobile wallet that leverages Worldcoin and Ethereum protocols. The World App facilitates user authentication through World ID, enables free money transfers, allows users to claim Worldcoin Grants, and explore various crypto tokens.
World App has shown significant growth, reaching over 1 million active users and four million downloads by November 2023. The app’s recent update has led to a surge in the user base and reduced transaction costs for users.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
