- Worldcoin has announced that it will increase the supply of its WLD tokens by 19%, or 36 million new tokens, through institutional sales to trading firms located outside the US.
- The company is keen to avoid regulatory crackdown in the US and claims that one of its conditions to the buyers is that they can’t sell to anyone located in the country.
Worldcoin is set to pump more WLD into the market through the sale of the tokens to private trading firms located outside the US.
In its announcement on Tuesday, Worldcoin revealed that it would sell the WLD tokens through World Assets, a subsidiary of the Worldcoin Foundation.
#Worldcoin News: Mallconomy, a leading player in the crypto market, announces a bold move: a 19% increase in WLD token supply via private sales. Orchestrated by World Assets Ltd., this strategic initiative aims to fortify liquidity and market penetration. pic.twitter.com/68NJK1FaPZ
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 24, 2024
Currently, around 194 million WLD tokens are in circulation, a number that has surged 50% from its mid-December figure of 100 million. The unlocked supply is much higher at 1.38 billion tokens; unlocked supply refers to all the circulating tokens and those that have been released by the project but are subject to the protocol’s governance discretion on their release rate into the market.
Worldcoin revealed that it will make sales through private placements to a select group of trading firms located outside the US over the next six months. The project is taking every measure to avoid US investors, including demanding that the trading firms who participate in the sale don’t sell the tokens to anyone located in the country.
This move speaks volumes about the vigilance of US regulators. Worldcoin seems hesitant to poke the SEC, CFTC or any other American regulator, perhaps learning from the experience of others like Binance and BitMEX, who have forked out billions collectively for their misdeeds, as Crypto News Flash reported.
The project added:
At current market conditions, World Assets expects to sell between 0.5M and 1.5M WLD per week on average (which is less than 0.1% to 0.4% of the current weekly trading volume), and the circulating supply of WLD will thus increase correspondingly.
36 Million New Worldcoin (WLD) Tokens
WLD currently trades at $5.50, losing 5.46% in the past day for a market cap of $1.066 billion. Its fully diluted value (FDV), however, is much higher at $54.5 billion. According to Coingecko data, this places the project sixth in the entire market for FDV, ranking only behind BTC, Ether, USDT, BNB and SOL.
FDV is the assumed market cap of a crypto project if all its tokens are in circulation.
Worldcoin launched mid-last year at a price of $2.17 into a bull market that pushed it by over 400% to hit a new high of $11.74 in March. It has since lost momentum and over 53.6% of its value since hitting the ATH.
Meanwhile, the two Worldcoin leaders, CEO Alex Blania and founder Sam Altman have been pushing the project in Asia. This week, the two jumped on a video call with Malaysian Prime Minister Anwar Ibrahim before Blania met with the country’s digital economy ministry.
Pagi tadi saya telah mengadakan perbincangan secara maya menerusi persidangan video dengan pengasas bersama syarikat Tools for Humanity (TFH), Sam Altman dan Alex Blania, serta Ole Ruch dari Nordstar.
Menteri Pelaburan, Perdagangan Antarabangsa dan Industri, Senator Datuk Seri… pic.twitter.com/NBTkjuJl4i
— Anwar Ibrahim (@anwaribrahim) April 19, 2024
