FUNDING | WorldCoin Looking to Raise $50 Million in Discounted $WLD Token Sale to Investors

Tools For Humanity (TFH), the organization behind WorldCoin, has started discussions with investors regarding the potential acquisition of additional funds by offering $WLD tokens for sale.

TFH has reportedly been in discussions with various investors in recent weeks regarding a potential over-the-counter sale of $WLD. The company is aiming to secure up to $50 million, with a proposed token price of $1 for WLD, representing a substantial discount compared to the current spot price of $2.50.

WorldCoin uses $WLD as an incentive to encourage user participation in the protocol by offering tokens as rewards to individuals who undergo eye scans. The official launch of the token took place on July 24 2023, with over 2 million people initially eligible to receive their allocation.

The project has also unveiled plans to decentralize the network alongside an inaugural grants program aimed at supporting developers.

WorldCoin was suspended in Kenya in October 2023 after hundreds thronged some venues in the country to register and get their eyes scanned in exchange for 25 $WLD tokens, approximately Ksh7,700 ($54.60) at the time. The project was accused of taking data from the locals without adequate licensing from authorities. Nonetheless, the number of participants in the program has exceeded 2.5 million worldwide.

WorldCoin has already secured substantial funding from venture capitalists. In its most recent funding round, a Series C investment of $115 million, Blockchain Capital led the financing, with support from FT Partners. Noteworthy investors in TFH include a16z crypto, Bain Capital Crypto, Distributed Global, and Khosla Ventures.

Previous fundraising efforts involved investors acquiring both equity in TFH and token warrants.