World Foundation raises over $52M in token sale as World Network marks third anniversary

World Foundation, the nonprofit organization behind World Network, has raised $52.5 million through a strategic sale of its WLD token 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, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors. The tokens purchased in the sale are subject to a one-year lockup, according to an X post on Friday.

The funds will support the expansion of World ID infrastructure, integrations with third-party platforms and the development of the proof-of-human verification technology.

World Network targets expansion of World ID

World Network, formerly Worldcoin, launched in July 2023 and focuses on building a digital identity system that allows users to prove they are unique humans online.

The project uses World ID as its identity protocol, enabling users to verify their humanity through several methods, including the project's Orb devices. The technology has attracted increased attention as the growth of generative AI and automated bots raises concerns about distinguishing 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 added that its network now spans more than 39 million users globally, with its proof-of-human technology being integrated into various digital interactions.

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 US Securities and Exchange Commission on July 20 for a proposed spot Worldcoin ETF.

Meanwhile, World Network's expansion has continued alongside regulatory scrutiny over its use of biometric data for identity verification. Authorities in several jurisdictions have previously raised concerns about the project's collection and processing of biometric information.

The World Foundation has maintained 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 deployments while developing additional verification options, including passport-based credentials. It also plans to continue expanding World Chain, its Ethereum (ETH) Layer-2 network.

WLD is trading at $0.344, down 10% over the past 24 hours at the time of writing.