Tools For Humanity, Developer of Worldcoin, Plans WLD Token Sale: Here are the Details!

• Tools For Humanity is in talks with investors about raising more capital through the sale of WLD tokens.
• TFH has held discussions with several investors in the past few weeks about potentially over-the-counter sales of WLD.
• FT Partners, an investment bank focused on the fintech sector based in San Francisco, is assisting with this fundraising process.

Worldcoin, a crypto project focused on identity using eye-scanning devices, is the main developer behind Sam Altman’s crypto project. TFH aims to raise more capital by selling WLD tokens.

TFH to Raise Funds Through WLD Token Sale

Tools For Humanity, the main developer of Worldcoin, a crypto project created in partnership with Sam Altman, is in talks with investors about raising more capital through the sale of WLD tokens.

TFH has held discussions with several investors in the past few weeks about potentially over-the-counter sales of WLD. Two people familiar with the matter said the company is looking to raise up to $50 million, with WLD potentially priced at $1 per token— a significant discount from the current spot price of $2.50. However, another person emphasized that the deal has not yet been finalized.

FT Partners, an investment bank focused on the fintech sector based in San Francisco, is assisting with this fundraising process. According to a third person familiar with the process, demand from potential investors has been strong since the token’s launch, and standard lock-up terms apply for any additional investment in WLD.

Worldcoin, a crypto project created in partnership with Sam Altman, is the main developer behind Sam Altman’s crypto project. TFH aims to raise more capital by selling WLD tokens.

Worldcoin, which uses eye globe devices to help people prove their identities online, is a crypto project with a focus on identity. Sam Altman, the co-creator, is also the CEO of OpenAI, the company behind the successful generative AI tool ChatGPT. Recently, he overcame a dramatic attempt by the board of directors at OpenAI to remove him as CEO and regained control of his company on November 22.

How does WLD fit into the Worldcoin project?

Worldcoin uses WLD to incentivize users to register for the protocol and rewards token holders who perform eye globe scans. The token was officially launched on July 24, and since then, more than 2 million people have qualified to receive rewards. Today, more than 2.5 million people have registered.

Initially, the price of WLD rose to $3 from its launch, dropping slightly above $1 in September. The launch of the first token was criticized by some commentators who claimed that the “low float” structure artificially created a high price.

The whitepaper of Worldcoin indicates that a maximum of 143 million WLD tokens will be in circulation during the launch— a scenario where the total supply is 10 billion. Out of this 143 million, 43 million went to verified users, and the other 100 million were lent to five market makers operating outside the United States for a three-month period.

TFH, a San Francisco-based for-profit company that has launched most aspects of Worldcoin so far, has raised hundreds of millions of dollars from venture capitalists to date— the latest being a $115 million Series C round led by Blockchain Capital in May. Other investors include a16z crypto, Bain Capital Crypto, Distributed Global, and Khosla Ventures. Previous raises included investors buying both equity and token options in TFH.

The WLD token backing is set to unlock 12 months after the token’s launch, meaning it can be sold if investors have exercised their warrants in July. Then, tokens will unlock daily and equally over a 24-month period. The same rules apply to past and current TFH employees. Earlier this week, the Worldcoin Foundation, a nonprofit organization that will guide the ongoing development of the project, announced plans to decentralize the network and launch the first grant program for developers.