Worldcoin Announces Circulating Supply Update and Sales to Trading Firms
Luisa Crawford Apr 24, 2024 08:32
Worldcoin Foundation's subsidiary, World Assets Ltd., plans to sell WLD tokens to meet the demand for orb-verified World IDs and support the growth of the Worldcoin network. The sales will be conducted through private placements with trading firms outside the US, with measures in place to prevent resales to US individuals. This update will result in an increase in the circulating supply of WLD tokens.
In a recent announcement on the Worldcoin blog, it has been revealed that World Assets Ltd., a subsidiary of the Worldcoin Foundation, plans to sell WLD tokens from the World Assets treasury to meet the growing demand for orb-verified World IDs and support the expansion of the Worldcoin network.
The majority of the currently circulating 193 million WLD tokens have been claimed by over 5 million individuals with orb-verified World IDs and through user grants in more than 160 countries. To facilitate the sale of WLD tokens, World Assets will be conducting private placements with select institutional trading firms operating outside of the United States.
These private placements will span a period of up to 6 months and will include measures to prevent the flow of WLD tokens sold outside the US back into the country. For instance, trading firms involved will be restricted from reselling WLD tokens to individuals or on digital asset trading platforms accessible to US persons. Additionally, a 40-day lock-up period may be implemented to restrict the resale of WLD tokens by trading firms, subject to legal and commercial considerations.
World Assets aims to negotiate with multiple trading firms, fostering competition among them to ensure the execution of private placements at prices close to prevailing market rates for WLD tokens, accounting for the aforementioned restrictions.
Under current market conditions, World Assets anticipates selling between 0.5 million and 1.5 million WLD tokens per week on average. This represents less than 0.1% to 0.4% of the weekly trading volume, leading to a corresponding increase in the circulating supply of WLD tokens.
It is important to note that World Assets may deviate from the outlined plans, and readers should refer to the Disclaimer provided in the Worldcoin Whitepaper for further details. Additionally, engaging with crypto products like WLD tokens carries inherent risks, and individuals are advised to review the Important User Information available on the Worldcoin website.
Please be aware that the availability of Worldcoin (WLD) tokens is restricted to certain territories, and they are not intended for individuals, companies, or organizations located in the United States or other restricted territories. However, World ID, TFH's World App, and other associated functionalities within the Worldcoin ecosystem remain accessible in the United States.
For more information and updates, you can subscribe to the Worldcoin newsletter on the official website.
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