Following the strategic acquisition, the Ottr Wallet team will be joining the Tools For Humanity (TFH) team to further build the World App for the Worldcoin project.
After 18 months of meticulous development and planning, Solana-based Ottr Wallet has announced plans to wind down its operations. According to the announcement, the Ottr Wallet team will be joining the Tools For Humanity (TFH) team to further develop the Word App.
As a result, Ottr users have been advised to export their seed phrases and security keys to other Solana web3 wallets in the next three months. Moreover, the Ottr Wallet app will be removed from App stores by June 1, 2024.
“Joining Tools for Humanity marks a new chapter for us, combining our expertise with theirs to advance the world of digital identity and finance,” Aleksei Zakharov, CEO of Ottr Wallet, noted in the announcement.
World App Forges Brighter Future via Ottr Wallet’s Acquisition
The Worldcoin (WLD) project has grown to a mature web3 ecosystem amid the mainstream adoption of artificial intelligence (AI) technology and digital assets. As of this writing, the Worldcoin project had a fully diluted valuation (FDV) of about $81.7 billion and a daily average trading volume of more than $520 million.
Amid the ongoing crypto bullish outlook, WLD coin has rallied more than 240 percent in the past four weeks to trade around $8.17 on Friday, March 1, 2024.
The rise of the Worldcoin project is largely attributed to the affiliation with OpenAI through Sam Altman. Furthermore, Worldcoin users have been speculating on an inevitable integration of World App and the OpenAI ecosystem.
According to the official data, the Worldcoin project has so far scanned more than 3.8 million unique humans through the Orbs. In the past seven days, more than 703k users have been assigned a World ID from different countries.
Consequently, more than 86.8 million WLD tokens have been claimed out of the possible 10 billion units.
The acquisition of Ottr Wallet is a huge milestone for the Worldcoin ecosystem as the World App will be enhanced to onboard more web3 users at a faster rate. Moreover, the Ottr Wallet has amassed over 25,000 active monthly users on the Solana ecosystem in less than two years.
“In this brief period, we introduced many groundbreaking features, including seamless integration with US bank accounts, gas-free transfers and trading, passwordless cloud backups, and a comprehensive dApp store,” Zakharov added.
Market Picture
The ongoing mainstream adoption of web3 products and digital assets has been compared to the post-internet bubble that saw strong companies thrive. Well-funded web3 projects have been acquiring small businesses in a bid to ensure sustainable future growth prospects.
The fact that the Worldcoin project is global and largely decentralized means its acquisition of the Ottr Wallet might not be subject to regulatory scrutiny over competition status.
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