World, an online identity verification project co-founded by Sam Altman, has raised $52.5 million through the sale of its token, WLD, to strategic investors. The company disclosed that the tokens have a 12-month lock-up period, and the funds will be used to support the expansion of the World network.
Funds flow to foundations
The company disclosed that the funds from this round of transactions will go to the World Foundation, registered in the Cayman Islands. This foundation is responsible for driving the development of the World network. The lead investor is digital asset investment firm Pantera Capital, with participants including Bain Capital Crypto, Susquehanna Crypto, Selini Capital, and Eightco Holdings.
WLD sets a one-year lock-up period.
This sale is open to strategic investors, who are prohibited from selling or trading the purchased WLD tokens for 12 months. World stated in a press release that this arrangement reflects investors' support for the project's long-term growth and the token's usability.
Structurally, this is not traditional equity financing, but rather fundraising through the sale of crypto assets. For World, this both replenishes its expansion funds and keeps WLD at the core of its ecosystem.
Project betting live verification
World is operated by San Francisco-based Tools for Humanity, whose CEO and co-founder is Alex Blania, with Sam Altman also a co-founder. The project's core product is World ID, used to verify that an account is backed by a human, not a bot or AI agent.
To obtain a higher level of authentication, users need to undergo iris scanning using a device called Orb. This device converts the iris information into an encrypted identifier. World has already deployed these devices in its own offices and partner stores.
It continues to expand even after the name change
This project was initially launched under the name Worldcoin, with a more pronounced experimental crypto character. The WLD tokens being sold this time continue this system. Users can hold or trade the tokens within the World app, which also offers custodial wallet functionality.
In April of this year, the project launched a new version of its app and announced partnerships with companies such as Tinder and Ticketmaster. However, TechCrunch reported that Tools for Humanity conducted a round of layoffs in June, indicating that its expansion and user growth still face pressure.
Additional information:The World Foundation is the recipient of the funds in this round of financing, while Tools for Humanity is responsible for project operations; their functions are not the same.
