TFH and Worldcoin announce extensions, but not to lofty signup goal

A decision is made to prolong the lock-up period for the Tools for Humanity (TFH) team and investors so that they can access their tokens. The initial three-year lock-up period has been extended to five years, affecting approximately 80 percent of the investors and team members.

Under the original schedule, no transfers were permitted for the first year following the Worldcoin protocol launch in July 2023, with subsequent gradual unlocking over the following years. Now, after the first year, the tokens will unlock gradually over four years instead of two, with full unlock expected by the end of July 2028.

TFH states that this extension aims to bring stability and confidence to stakeholders and new investors by reducing the immediate token supply in the market. The company emphasizes that there are no further planned lock-up extensions now.

TFH subsidiary Worldcoin has extended the reservation period for individuals without a verified World ID and WLD tokens to be redeemed upon verification until July 31, 2025, a one-year extension from the previous date of July 21, 2024.

The company says this extension allows users more time to verify their World ID and redeem their reserved WLD tokens, aiming to encourage greater participation in the Worldcoin project.

Way short of 1B users by 2023 goal

Worldcoin, established in 2019 by Sam Altman and two other co-founders, set a goal of reaching 1 billion users by 2023. The company offered free cryptocurrency tokens to individuals who consented to have their iris biometrics scanned by its Orb.

However, according to Fastcompany, the number of sign-ups falls significantly short of the goal, with only 6 million users. Additionally, the value of the WLD token is currently trading at around $1.90, almost unchanged from its initial trading price.

Worldcoin faced geographical limitations as it could not register users in important markets such as China, India, the United Kingdom, and most of Europe. Additionally, the tokens were not accessible to U.S. citizens and those within the United States.

Worldcoin encountered regulatory issues, particularly related to concerns about minors signing up. Earlier this year, Portugal imposed a 90-day suspension on Worldcoin’s biometric data collection activities in the country.

Article Topics

biometrics  |  cryptocurrency  |  digital ID  |  Tools for Humanity  |  World