Sam Altman’s blockchain project, World Network, has managed to secure a hefty $135 million in a private token sale of its WLD token. This fundraising effort was made possible thanks to the support of venture capital heavyweights a16z and Bain Capital Crypto. The primary goal for this influx of cash is to fuel the network’s expansion, according to the project team.
The WLD token saw a significant 14% increase in value following this exciting news. The project, which includes the Tools For Humanity blockchain, had previously announced the availability of the WLD token to U.S. users earlier this month. The team explained in a blog post that the funds raised will be used to meet the growing demand for Orb-verified World IDs and to facilitate the network’s growth not only in the U.S. but also in other regions. The sale involved World Assets, Ltd., a subsidiary of the World Foundation, selling $135 million worth of WLD tokens at market prices to its early supporters, Andreessen Horowitz and Bain Capital Crypto.
The WLD token was introduced back in July 2023 and currently boasts a market capitalization of $1.87 billion, experiencing a 55% surge in value over the past month. However, it is worth noting that the token is still down approximately 75% from its all-time high. Until recently, U.S. users were unable to utilize World’s main product, the orbs, which are ball-shaped devices designed to scan a person’s eyes for identity verification. Once scanned, users can gain access to the World app and receive an airdrop of the WLD token, which can then be used within World’s miniapps ecosystem. During the recent announcement, Altman expressed the project’s ambition to provide 180 million Americans with access to Orbs, accounting for over half the country’s population, by the end of the year.
Margaux Nijkerk, a reporter covering the Ethereum protocol and L2s, shared these exciting developments with the public. With a background in International Affairs & Economics from Johns Hopkins and Emory universities, Nijkerk holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
