Worldcoin, a trailblazing digital identity initiative, announced its intention to boost the circulation of its native token, WLD, by up to 19% within the next six months. This expansion includes selling the tokens in private transactions to international investment firms, facilitated by World Assets Ltd., a subsidiary of the Worldcoin Foundation based outside the US.
Detailed Overview of Worldcoin’s Supply Increase
On April 23, Worldcoin made public its plan to increase the number of circulating WLD tokens by selling them through private placements. World Assets Ltd. will manage the weekly sale of up to 1.5 million WLD tokens, with a value over $8.2 million. This move is estimated to add around 36 million new tokens into circulation during the six-month timeframe, resulting in an expansion of approximately 18.6% to the current total supply of WLD tokens.
The reason for Worldcoin’s strategic move involves several aspects. By working with institutional trading firms through private sales, Worldcoin intends to strengthen the WLD token’s liquidity and expand its market reach. During negotiations with these firms, priority will be given to carrying out transactions at current market prices in order to prevent price manipulation and maintain fairness for all involved parties.
Although Worldcoin currently has a market value of $1 billion, it’s important to note that its total value is much greater at $54.5 billion when taking into account all outstanding tokens. This substantial difference highlights the potential value that could be realized through this supply increase within the Worldcoin ecosystem.
World Assets Ltd. Gears Up for Outflows
At the same time, World Assets Ltd. is prepared to gradually withdraw funds from its treasury, in line with its broader strategy, as there is expected to be increased interest in verified World IDs and the expanding Worldcoin network. The upcoming token sales, which will take place over a six-month period, will be carefully managed through private placements directed towards institutional trading firms based outside of the United States.
In other words, we will implement strong precautions to prevent accidental return of WLD tokens to the US during these transactions, ensuring regulatory compliance and maintaining market honesty.
To achieve this goal, strict rules will be enforced preventing US citizens from buying or selling WLD tokens on unapproved digital asset exchanges. Additionally, World Assets Ltd. might consider implementing a waiting period of 40 days for all transactions, depending on legal and business conditions, to strengthen the market and build trust among investors.
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2024-04-24 08:15