Worldcoin, a digital identity project, has announced plans to increase the supply of its WLD token by up to 19% over the next six months through a series of private sales to institutions outside the United States.
In an April 23 blog post, Worldcoin revealed that its subsidiary, World Assets, will conduct private placements of up to 1.5 million WLD tokens per week, totaling about $8.2 million, to select institutional trading firms. This initiative aims to sell between 0.5 million and 1.5 million WLD tokens on average per week, resulting in a corresponding increase in the circulating supply of WLD.
The planned increase of up to 1.5 million WLD tokens per week over six months amounts to a total supply increase of 36 million tokens, valued at approximately $197 million according to CoinGecko data. This represents an 18.6% rise in the total available supply within the same timeframe.
Worldcoin intends to negotiate with individual trading firms to execute private placements at prevailing market prices, aiming to minimize potential price impact on the token.
Founded by OpenAI CEO Sam Altman, Worldcoin aims to address identity issues arising from advancements in AI and introduce a universal basic income model through its native WLD token. Users register their identity using the “World App” by scanning their retinas at “Orbs” machines, receiving approximately 25 WLD tokens in exchange for their biometric data.
Worldcoin experienced significant price volatility, soaring 435% from its launch price to a peak of $11.74 before declining more than 53% to its current price of $5.49. The project is buoyed by broader AI-linked crypto project rallies but faces challenges amid recent market fluctuations.
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