Tools for Humanity, the team behind Worldcoin, has raised $115 million in a Series C funding round led by Blockchain Capital with participation from a16z, Bain Capital Crypto and Distributed Global. Worldcoin, a decentralized open source protocol, was co-founded by OpenAI CEO Sam Altman.

The nine-figure funding round is a rare sight during an extended crypto bear market that has slowed venture capital investments in the space to a trickle. The announcement comes as a black market for Worldcoin credentials emerges in China.

Currently in beta, Worldcoin is being built around the decentralized World ID and the Worldcoin token. The project has onboarded nearly 2 million people already, according to the company. The capital will help accelerate research and development and growth efforts on the Worldcoin project and the World App, the first

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