Controversial altcoin project Worldcoin announced that it plans to significantly increase the supply of its native token WLD by up to 19% in the next half year.
The move would mirror World Assets, an arm of the Worldcoin Foundation, announcing a private sale to institutional trading entities outside the US.
Workdcoin announced that its subsidiary World Assets will regularly sell WLD tokens to meet the growing demand for orb-approved World IDs and support network growth.
“To meet the growing demand for orb-certified World IDs worldwide and to support the growth of the Worldcoin network, World Assets (a subsidiary of the Worldcoin Foundation) expects to sell WLD tokens from the World Assets treasury in the coming months.
World Assets is expected to sell an average of 0.5 million ($2.7 million worth) to 1.5 million ($8.1 million worth) WLD tokens per week under current market conditions. This selling rate is less than 0.1% to 0.4% of the current weekly token trading volume.
World Assets plans to gradually sell WLD tokens through private placements to a select group of institutional trading companies operating outside the US.
These special sales of WLD will last up to 6 months.”
World Assets will sell the WLD token, whose total value is expected to reach $8.1 million. With these sales, approximately 36 million new WLD tokens are expected to be put into circulation over a six-month period. This means that the total current supply of the token has experienced a significant increase of 18.6%.
WLD continues to trade at $5.42 at the time of writing.
*This is not investment advice.