Worldcoin Plans $50 Million Discounted Token Sale

The Worldcoin (WLD) cryptocurrency project, co-founded by OpenAI’s Sam Altman, is reportedly looking to raise up to $50 million through a discounted token sale. BitKe reports that WLD tokens are to be offered at around $1 each, significantly below the current market price of $2.51. The sale is being managed by Tools for Humanity, the main developer of Worldcoin.

In October, Worldcoin’s initiative in Kenya was halted as people gathered at various locations for eye scans in exchange for 25 WLD tokens, worth about Ksh7,700 ($54.60) then. However, the project faced criticism for allegedly collecting data without proper authorization, despite attracting over 2.5 million participants worldwide.

Tools For Humanity is currently engaging with investors to potentially raise more funds by selling WLD tokens. Recent discussions indicate a possible over-the-counter sale of WLD, aiming for up to $50 million at the discounted rate of $1 per token, compared to the current $2.50 spot price.

Worldcoin uses WLD tokens to encourage user interaction with their system, offering tokens for eye scans. Since its launch on July 24, 2023, over 2 million people have been eligible to receive tokens.

The project’s plan includes network decentralization and a new grant program for developers. The last funding round, a Series C investment of $115 million, was led by Blockchain Capital, with contributions from notable investors like a16z crypto, Bain Capital Crypto, Distributed Global, and Khosla Ventures.

Worldcoin, led by CEO Alex Blania, aims to create a sophisticated digital identity system using biometric verification, such as facial and iris recognition. The project, which has been in development for three years, seeks to assign a unique World ID to each individual, differentiating humans from AI bots.

Despite controversies over data privacy and marketing practices, Worldcoin has raised $125 million since 2019, backed by prominent investors including Andreessen Horowitz, Khosla Ventures, and Reid Hoffman.

Worldcoin’s recent blog post on Dec. 6 details their grant distribution in WLD tokens, targeting various initiatives within their Tech Tree. These grants, focusing on areas like privacy, biometrics, and World ID applications, reflect Worldcoin’s dedication to fostering a strong community engaged in addressing global challenges through technology.

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