This week, the digital identity project Worldcoin, and its token WLD, faced new elements that impacted its investors. As expected, the negative news regarding regulators continues, especially in Latin America, but also in other latitudes such as Singapore.
However, none of this deters the leadership of the firm behind the protocol, Tools for Humanity. It continues its dynamic of innovation and expansion despite the numerous challenges it faces.
Worldcoin and WLD: the most recent cases
In recent weeks, problems have been piling up for Worldcoin, especially in Latin American countries. Regulators from some national administrations accuse the protocol of a lack of transparency. In addition, they consider that its data collection methods pose a great risk to the population.
In some provinces in Argentina, local authorities are continuing their attack on Sam Altman’s project. The same is happening in Chile, Mexico and Ecuador, where regulators are making similar arguments regarding data collection.
In recent days, other regulatory actors have joined the attack against Worldcoin. In this case, it is the authorities of the city-state of Singapore. In particular, the Personal Data Protection Commission, according to specialized media, does not rule out taking legal action against the firm. They are extremely concerned about the collection of biometric data from citizens.
Recently, police authorities in that region discovered illegal trading of accounts and tokens of that project. The case immediately generated unrest among the authorities, who are committed to taking immediate measures to stop the illegal activity regarding this project.
The case involves seven individuals who are not related to Worldcoin or Tools. They clarified that the firm is not under investigation in Singapore.
Regulators around the world are concerned about Worldcoin’s data collection methods. Source: Restofworld
Developments do not stop
Despite the heightened scrutiny of the Worldcoin project and its WLD token, the board is not resting. Expansion and developments continue at the same pace as efforts to reach an understanding with regulators. The protocol claims that the regulators’ suspicion is unjustified and is something that often happens with new technologies.
Simply put, research and lobbying processes are a normal stage in the protocol development process. Hence, none of these numerous cases are an obstacle to stopping the developments that are part of Worldcoin’s evolutionary roadmap.
One of the most recent steps of the protocol has to do with the deployment of World ID on the powerful Solana network. With this expansion, the protocol puts its roots on one of the most advanced and versatile blockchains in the entire crypto ecosystem. With this, Solana developers have access to the advantages of this Worldcoin technology through the Wormhole bridge.
For most of its existence, the verification technology, World ID, was available only to Ethereum developers. This move towards diversification of Worldcoin and its technology became positive news among analysts and investors, leading to a rally in the price of WLD.
WLD Token Price Reaction
The expansion of World ID had a direct impact on the sentiment of investors in the WLD coin. In that sense, the price of the Worldcoin utility token rose significantly during the last few days. In last week’s summary, CriptoTendencia reported a price of $1.36 per coin at the time of publication.
Now, the coin is showing a noticeably better price, which is $1.52 per token at the time of writing. In 24 hours, the performance amounts to 1%. In the weekly time frame, the performance exceeds an outstanding +12%. During that same period, it shows a +2.47% against Bitcoin and a +6.58% against Ethereum.
This shows that despite the pressure, the Worldcoin project and its WLD token have remarkable potential.
Disclaimer: This work is for informational purposes only and should not be taken as an invitation or investment advice under any circumstances. Cryptocurrencies are highly volatile assets and investing in them can lead to total losses.
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