What to know:
- World Foundation raised $52.5 million through a private WLD token sale led by Pantera Capital with a 12-month investor lock-up.
- The funding will support World ID expansion, helping users verify their identity privately as AI-driven fraud concerns increase.
- Zoom, DocuSign, Okta, Vercel, and Tinder have integrated World ID 4.0, which uses zero-knowledge proof technology.
World Foundation has successfully managed to raise $52.5 million in a private token sale of its native WLD token. The company is backed by Pantera Capital, which is leading this funding round.
This investment will enable World Foundation to develop its World ID platform, a digital identity platform that can be used to verify users’ identities but will not share their personal details with anyone. World Foundation stated that all investors have committed themselves to the 12-month lock-up period.
Participants in the fundraising include prominent crypto investors such as Bain Capital Crypto, Selini Capital, Susquehanna Crypto, and Eightco Holdings.
Eightco Holdings is currently listed on the Nasdaq stock exchange with the ticker ORBS, and it already owns a considerable share of WLD coins. As per World Foundation, it is the first successful closing in the fundraising series, even though it has yet to state anything about future closings.
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World Foundation Expands World ID for AI Era
World Foundation hopes to deploy the newly raised funds to grow World ID, which is a privacy-oriented identity system that allows people to demonstrate their humanity without sharing their personal information. The initiative thinks that the need for human authentication will only get bigger with the growing use of AI technology.
Cosmo Jiang, general partner at Pantera Capital, pointed out that the fast development of AI technologies has made proof-of-human technology more relevant than ever and noted the growing interest of enterprises in the platform. “The foundation expects that the technology will be able to solve issues related to deepfakes, synthetic identity and automation of user accounts,” he added.
World Foundation Expands World ID 4.0
The latest iteration of World ID is called World ID 4.0, and it is enterprise-grade software that enables issuing of secure digital credentials by developers using zero-knowledge proof technology. The firm mentioned that Zoom, DocuSign, Okta, Vercel, and Tinder have already adopted World ID.
The “World Foundation” also stated that WLD tokens are not equity shares in “Tools for Humanity,” the company behind the development of World’s hardware and software. Before this fundraising round, the project had already raised an estimated amount of $200 million from its previous rounds of WLD token sales, whereas the “Tools for Humanity” company managed to raise around $240 million via venture funding.
The project has over 39 million sign-ups and over 18 million World IDs that have been verified using its Orb devices. The project continues to experience challenges from regulators in different countries regarding the collection of biometric information and the privacy of users. The World Foundation claims that it is still engaging with the regulators.
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