The World Foundation, the non-profit organization behind the World Network, has raised $52.5 million through a strategic sale of its WLD tokens as the project marks three years since its mainnet launch.
The funding round was led by Pantera Capital and included participation from Bain Capital Crypto, Atco Holdings, Cellini Capital, Susquehanna Crypto and other investors. According to X, tokens purchased in the sale are subject to a one-year lockup Post On Friday.
The funding will support the expansion of the World ID infrastructure, integration with third-party platforms, and the development of human proof verification technology.
World Network aims to expand World ID
World Network, formerly WorldCoin, was launched in July 2023 and focuses on building a digital identity system that allows users to prove that they are unique human beings online.
The project uses World ID as its identity protocol, enabling users to verify their humanity in a number of ways, including through the project’s Orb devices. The technology has gained increasing attention as the growth of generative AI and automated bots raises concerns about separating real users from AI-generated accounts and activity.
The organization shared that its next phase will focus on expanding World ID across enterprise platforms, consumer applications, and AI-related use cases. The company said its network now spans more than 39 million users globally, with its proof-of-human technology integrated into various digital interactions.
The World Network highlighted potential use cases including verified participants in Zoom meetings, real-person matches on Tinder, and concert ticketing systems designed to limit bot activity.
The funding announcement comes shortly after Grayscale filed an S-1 registration statement with the U.S. Securities and Exchange Commission on July 20 for its proposed spot WorldCoin ETF.
Meanwhile, the World Network continues to expand as regulatory scrutiny over the use of biometric data for identity verification continues. Officials in several jurisdictions have previously raised concerns about the project’s collection and processing of biometric information.
The World Foundation has stated that its system is designed to protect user privacy and that iris scans are used to generate credentials rather than retain identifiable images. The foundation said it plans to expand Orb deployment by developing additional verification options, including passport-based credentials. It also plans to continue expanding World Chain, its Ethereum (ETH) layer-2 network.
At the time of writing, WLD is trading at $0.344, down 10% in the last 24 hours.
