British fintech company Unlimit has integrated with World App to streamline Worldcoin conversions into local fiat currencies for users in Colombia, Mexico, and certain European regions.

Unlimit, an international fintech firm, has partnered with Tools for Humanity’s World App to support World Chain, a layer-2 solution focused on human-centric financial products. This integration allows Worldcoin holders in Colombia, Mexico, and parts of Europe to convert the token and stablecoins into local fiat currencies. The London-headquartered firm’s solution facilitates transfers between crypto wallets and bank accounts across Latin America, Asia-Pacific, Europe, the Middle East, and Africa.

Commenting on the integration, Unlimit Crypto’s head Bryan Feng stated that Worldcoin is a significant project for both the crypto space and technology as a whole. Feng added:

“We’re very grateful to be working with such a great team and foundation to serve users around the world getting their first experience in the crypto ecosystem.”

Worldcoin, co-founded by Sam Altman, Alex Blania, and Max Novendstern in 2019, aims to establish a global, privacy-preserving financial network by distributing WLD through iris scans using a device known as the “orb.” In May 2023, Worldcoin raised $115 million in a Series C funding round led by Blockchain Capital, with contributions from Andreessen Horowitz’s a16z fund, Bain Capital Crypto, and Distributed Global.

Despite investor support, Worldcoin faces mounting controversy due to allegations of insider trading and market manipulation. An on-chain analyst, known as “DeFi Squared,” found that less than 3% of WLD tokens are actually in circulation. This raises concerns about significant value dilution as more tokens become available. The token ranks as the 103rd-largest crypto by market capitalization with a $648 million valuation, but its fully diluted market cap reaches a staggering $22.4 billion.

DeFi Squared also suggested that the Worldcoin team might be manipulating the token’s price to maintain a $30 billion fully diluted valuation. Users should stay informed and cautious when dealing with such high-profile projects.

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