World Network, led by Sam Altman, has successfully raised $135 million in a private token sale of its WLD token. The sale, which saw tokens being sold at market prices to early backers like Andreessen Horowitz (a16z) and Bain Capital Crypto, was announced by World Assets Ltd., a subsidiary of the World Foundation, on May 21. The funding will be used to expand the network both in the U.S. and globally, particularly to meet the increasing demand for Orb-verified World IDs.
The project, which is best known for its Orb-based biometric identity system, aims to differentiate humans from artificial intelligence (AI) in an age where AI tools are becoming increasingly sophisticated. With over 26 million participants and more than 12.5 million users already possessing an Orb-verified World ID, World Network has positioned itself as a key player in the digital identity space.
The recent influx of funding comes as World Network rolls out new in-app features and makes WLD available to U.S. users for the first time. This move has led to a 14% surge in the token’s value, though it still trades below its all-time high. WLD, which was launched in July 2023, currently boasts a market capitalization of $1.87 billion, according to CoinMarketCap.
In addition to expanding its user base, World Network is also focused on sustainability through protocol-based monetization strategies. The project aims to become one of the first self-sustaining protocols by implementing mechanisms like protocol fees. Previous investors in the project include Selini Capital, Mirana Ventures, and Arctic Digital.
As part of its expansion efforts, World Network has recently entered the U.S. market, allowing users in select cities to use Orb devices for identity verification and receive WLD tokens through the World App. The project has also integrated USDC and Circle’s Cross-Chain Transfer Protocol (CCTP) on World Chain, enabling users to move stablecoins across chains without centralized exchanges.
Moreover, World Network has partnered with gaming brand Razer to offer the “Razer ID verified by World ID” feature, allowing gamers to confirm their identity and securely access AI-powered gaming platforms. These initiatives are part of World Network’s broader strategy to scale its digital identity network and stay ahead in the evolving identity arms race.
Overall, the recent funding raise and strategic partnerships demonstrate continued investor confidence in World Network’s vision for a global, biometric-powered identity network. With a focus on differentiation from AI, sustainability through protocol-based monetization, and user base scaling, World Network is poised for further growth and innovation in the digital identity space.