Worldcoin Foundation Raises $135 Million to Expand Network
The Worldcoin Foundation has announced the sale of $135 million worth of its WLD tokens to early investors, including prominent venture capital firms Andreessen Horowitz (a16z) and Bain Capital Crypto. This capital injection aims to broaden the reach of the World Network, particularly within the United States and other international markets.
Following the announcement, WLD experienced a 7% surge in value, reflecting positive market sentiment.
Token Sale Details and Purpose
World Assets, a subsidiary of the Worldcoin Foundation, facilitated the sale of 117 million WLD tokens at market price to these initial investors. The primary objective is to bolster and expand the World Network, focusing on both the U.S. and global presence.
The funds generated from this token sale will be channeled into developing the infrastructure for World IDs. These digital identities are designed to verify an individual’s humanity on the blockchain, addressing concerns about bots and artificial intelligence in online interactions.
The World Network currently boasts over 26 million users, with 12.5 million having created a World ID using the Orb, Worldcoin’s biometric device that scans irises.
“To meet the increasing demand for Orb-verified World IDs and support the expansion of the World Network in the U.S. and beyond, World Assets, Ltd. […] sold $135 million of WLD at market prices to two of the project’s earliest backers, Andreessen Horowitz and Bain Capital Crypto,” the World Foundation stated in a blog post.
Long-Term Vision and Controversies
The Foundation views this sale as part of a long-term strategy to “help prepare humanity for the age of AGI” (Artificial General Intelligence) and establish the World Network as a self-sustaining protocol.
Worldcoin gained significant attention in 2024 due to its innovative biometric technology. However, it has also faced legal scrutiny and bans in several countries due to concerns surrounding its data practices. The use of iris scans and facial recognition to verify users in exchange for token rewards has drawn criticism, with regulators citing potential risks to privacy and data protection.
Despite these controversies, WLD has seen a substantial increase in value, climbing approximately 50% in the past month.
Potential Impact on WLD Price
Analysts suggest that if the Worldcoin Foundation continues to unlock and sell tokens to investors, the increased supply could potentially impact the price of WLD in the short term.
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