OpenAI boss Sam Altman is close to securing around $100mn in funding for his plan to use iris-scanning technology to create a secure global cryptocurrency called Worldcoin, in what would be a rare bright spot for a sector which has endured a bleak year. According to three people with knowledge of the deal, Worldcoin is in advanced talks to raise the fresh cash as it prepares to launch in the next few weeks.

The group includes existing and new investors, said one of the people. Previous investors in the company include Khosla Ventures and Andreessen Horowitz’s crypto fund, as well as FTX founder Sam Bankman-Fried and internet entrepreneur Reid Hoffman.

Worldcoin was founded by Altman and Alex Blania in 2019. The company has kept a low profile relative to OpenAI, the ChatGPT-creator which struck a multibillion-dollar deal with Microsoft earlier this year.