World Foundation announced that it raised $52.5 million in a private sales round for its native token WLD. While Pantera Capital led the financing round, Bain Capital Crypto, Selini Capital, Susquehanna Crypto and Eightco Holdings also participated. The organization reported that all investors accepted the 12-month lock-in period.
Funding will be directed to the World ID platform
It was stated that the collected resources will be used in the development of the World ID platform. World ID offers a digital identity infrastructure that aims to verify the identity of users. The organization noted that the system does not share personal data with third parties when verifying.
World Foundation announced that this round is the first successful closing in its fundraising series. However, details about subsequent closures were not shared. It was also reported that Eightco Holdings is traded on Nasdaq under the code ORBS and currently holds a significant amount of WLD.
Pantera Capital partner Cosmo Jiang emphasizes that the rapid development in artificial intelligence technologies has made tools focused on proving human identity more important than ever, and companies’ interest in this field has increased.
Emphasis was placed on risks arising from artificial intelligence
Cosmo Jiang, general partner of Pantera Capital, said that the rapid progress in artificial intelligence has brought proof of human technologies to a more critical point. Jiang stated that institutions’ interest in the platform has increased and that the foundation aims to provide solutions to problems related to deepfakes, synthetic identities and automatic user accounts.
Mini-dictionary: Zero-knowledge proof is a cryptographic method that allows a user to verify that he or she has certain information without revealing all of that information. In digital identity systems, this structure is used to simultaneously protect identity verification and data confidentiality.
World ID 4.0 and corporate usage area
The latest version of the platform was introduced as World ID 4.0. The company stated that this version offers developers the opportunity to issue secure digital credentials with zero-knowledge proof technology. It was also shared that Zoom, DocuSign, Okta, Vercel and Tinder started using the World ID system.
World Foundation announced that World ID 4.0 version allows developers to create secure digital credentials and has begun to be used on various corporate platforms.
Distinction between WLD and Tools for Humanity
World Foundation also emphasized that WLD tokens do not represent a partnership interest in Tools for Humanity. Tools for Humanity is known as the company that carries out the hardware and software development of the World ecosystem.
Before this round, the project had raised approximately $200 million in previous WLD sales. Tools for Humanity provided approximately $240 million through venture capital financing.
