Token's Value Surges 37% after $135 Million Investment Round for Worldcoin (WLD)
The Worldcoin Foundation has secured $135 million in funding through the sale of WLD tokens to early investors Andreessen Horowitz and Bain Capital Crypto. This investment, made at market price, resulted in a 37% surge in WLD's price and a 140% increase in daily trading volume.
The funds raised will be used to expand the Orb hardware rollout in the United States, support global network growth, and establish a manufacturing facility in Texas for mass-producing the iris-scanning devices. As of now, the World network has over 26 million users, with more than 12.5 million having Orb-verified World IDs.
Andreessen Horowitz's involvement in the Worldcoin ecosystem continues, having been a lead investor in Tools for Humanity during its 2021 Series A round. The recent investment from major institutions like Andreessen Horowitz and Bain Capital Crypto is seen as a high-conviction signal from institutional investors, given WLD's 90% decline over the past 14 months.
Technical indicators suggest momentum building for WLD, with the On Balance Volume trending higher over the past two months and the Relative Strength Index reaching overbought levels. However, this overbought condition may lead to a potential pullback. Traders considering long positions are advised to wait for a retracement to below the $1.4 resistance level.
Worldcoin faces regulatory challenges, particularly in countries like Kenya, where it has encountered legal restrictions. Despite these obstacles, the foundation is forging ahead with its plans for expansion and growth.
Investors at Andreessen Horowitz, who previously invested in Tools for Humanity, have also shown interest in Worldcoin, contributing to the financing of the foundation with Bain Capital Crypto. This fresh capital influx, used for expanding the Orb hardware rollout, global network growth, and technology manufacturing, could potentially boost the finance sector of the Worldcoin ecosystem. With the technological advantage of iris-scanning devices, Worldcoin might attract more investors in the future.
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