Worldcoin Developer in Talks with Investors to Raise Capital through Token Sale
Tools For Humanity (TFH), the main developer of Worldcoin, a crypto project co-created by Sam Altman, is currently in discussions with investors to raise additional capital by selling WLD tokens. TFH has been holding talks with multiple investors over the past few weeks and aims to raise up to $50 million. The potential price for WLD tokens is $1 per token, which is a significant discount compared to the current spot price of $2.50. However, no final terms have been agreed upon yet. FT Partners, a San Francisco-based investment bank focused on fintech, is assisting with the fundraising process.
About Worldcoin and WLD Tokens
Worldcoin is an identity-focused crypto project that utilizes orb devices to scan people’s irises for online identity verification. The project rewards users who undergo iris scanning with WLD tokens as an incentive. The token was officially launched on July 24, and over 2.5 million people have signed up to receive their share of the tokens. Initially, the price of WLD rose above $3 but later dropped to just above $1 in September before steadily increasing to its current price of $2.50.
Token Distribution and Investors
According to Worldcoin’s whitepaper, there are a maximum of 143 million WLD tokens in circulation out of a total supply of 10 billion. Of these, 43 million were distributed to verified users, while another 100 million were lent to five market makers for three months. TFH has previously raised hundreds of millions of dollars from venture capitalists and received a $115 million Series C funding round led by Blockchain Capital in May.
Unlocking and Future Plans
The WLD tokens held by backers will begin to unlock 12 months after the token’s launch, allowing for potential sales. The unlocking process occurs daily and evenly over a 24-month period. The Worldcoin Foundation, a non-profit organization, has outlined plans to decentralize the network and launch a grants program for developers.
Hot Take: Worldcoin’s Ongoing Development and Expansion
Worldcoin’s ongoing discussions with investors to raise capital through a token sale demonstrate the project’s commitment to further development and expansion. By offering WLD tokens at a discounted price, Worldcoin aims to attract more users and incentivize participation in its identity-focused crypto project. With FT Partners assisting in the fundraising process, strong demand from potential investors has been observed. As Worldcoin continues to evolve, it strives to decentralize its network and support developers through grants programs, fostering innovation within the crypto space.
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