Home / Technology / World Raises $52.5M in Crypto Sale
World Raises $52.5M in Crypto Sale
24 Jul
Summary
- World secured $52.5 million via a crypto token sale.
- Investors committed to a 12-month lockup period.
- Funds will support the World Foundation and network expansion.
World, an online verification startup co-founded by OpenAI's Sam Altman, recently raised $52.5 million. This significant funding came from a crypto token sale to strategic investors, including Pantera Capital, Eightco Holdings, Bain Capital Crypto, Susquehanna Crypto, and Selini Capital.
Investors participated in a 12-month lockup sale of World's WLD token. This commitment signifies their long-term belief in the project's growth. The raised capital will be managed by the World Foundation, an entity based in the Cayman Islands tasked with expanding World's network.
The company, operated by Tools for Humanity, focuses on creating "proof of human" tools to verify users' identities in an increasingly AI-driven online landscape. Its World ID system uses an Orb device to scan irises, creating a unique cryptographic identifier for users seeking the highest verification level.
Despite rebranding from "Worldcoin" and announcing partnerships with companies like Tinder, the project has faced challenges in scaling and user adoption. In June, Tools for Humanity conducted layoffs, indicating ongoing operational adjustments.
