World Foundation, the non-profit organization behind World Network, raised $52.5 million through the strategic sale of its WLD token as it marks three years since the project launched on the mainnet.

The financing round was led by Pantera Capital and included participation from Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors. According to X., tokens purchased as part of the sale are subject to a one-year lock-up post on Friday.

The funds will support the expansion of World ID infrastructure, integration with third-party platforms and the development of proof-of-human verification technology.

World Network aims to develop World ID

World Network, formerly Worldcoin, launched in July 2023 and focuses on building a digital identity system that allows users to prove they are unique people online.

The project uses World ID as an identity protocol, allowing users to verify their humanity through several methods, including Orb devices included in the project. The technology is gaining increasing interest as the rise of generative AI and automated bots raises concerns about the ability to distinguish real users from AI-generated accounts and activities.

The organization said the next phase will focus on extending World ID to enterprise platforms, consumer applications and artificial intelligence utilize cases. The company added that its network currently covers over 39 million users worldwide and its proof-of-human technology is integrated into various digital interactions.

World Network has flagged potential utilize cases including verified Zoom meeting participants, matches with real people on Tinder and concert ticketing systems designed to limit bot activity.

The financing announcement comes shortly after Grayscale filed an S-1 registration statement with the U.S. Securities and Exchange Commission on July 20 for its proposed Worldcoin spot ETF.

Meanwhile, World Network’s development is occurring in parallel with regulatory scrutiny over its utilize of biometric data for identity verification. Authorities in several jurisdictions have previously raised concerns about the collection and processing of biometric information under the project.

The World Foundation maintains that its system is intended to protect user privacy and that iris scans are used to generate credentials, not to store personally identifiable images. The foundation said it plans to expand Orb deployments while developing additional verification options, including passport-based credentials. It also plans to further expand World Chain, its Ethereum (ETH) Layer-2 network.

At the time of writing, WLD is trading at $0.344, down 10% in the last 24 hours.