Worldcoin plans to boost WLD circulation by a maximum of 19% over the upcoming half-year.

Worldcoin, a digital identity project, has announced plans to increase the supply of its WLD token by up to 19% over the next six months. The increase will come from private sales to institutional trading firms outside of the United States. World Assets, a subsidiary of the Worldcoin Foundation, will sell up to 1.5 million WLD tokens per week, worth approximately $8.2 million, to a select group of institutions. This will result in a total supply increase of 36 million tokens, valued at around $197 million. With the current circulating supply of 193 million tokens, this represents an 18.6% increase in the available supply. Worldcoin will negotiate with individual trading firms to execute private placements at prevailing market prices, aiming to minimize any potential impact on token prices. Despite its current market capitalization of $1 billion, Worldcoin’s fully diluted value stands at $54.5 billion, making it the sixth-largest cryptocurrency by this measure. Worldcoin was founded by Sam Altman, CEO of OpenAI, Alex Blania, current CEO of Worldcoin, and Max Novendstern, CEO of biometrics research firm Mana. The project offers a solution to identity challenges posed by advancements in AI and introduces a unique universal basic income model through its WLD token. Users register their identity by scanning their retinas at Worldcoin’s “Orbs” machines and are rewarded with around 25 Worldcoin tokens for their biometric data. Worldcoin experienced significant growth, rising 435% from its launch price of $2.17 to a peak of $11.74 on March 10. However, its price has since dropped by over 53% and currently trades at $5.49.