Users looking for privacy-focused tokens have likely come across the Sam Altman-founded Worldcoin, a controversial iris-scanning crypto project launched in 2023. But what is Worldcoin, and how can you buy the native token, WLD? This guide demonstrates how to buy Worldcoin (WLD) and everything else you need to know.
Methodology
Our process for selecting the top platforms to purchase and store WLD was thorough and conducted over a period of six months. The criteria for selecting exchanges primarily considered availability, fees, features, and security. In the case of wallets, the criteria considered support of assets, reputation, wallet type, and safety.
Exchanges
- CoinEx: A global cryptocurrency exchange that supports more than 600 cryptocurrencies. Users can also trade futures and on margin.
- Coinbase: The second most popular platform in the world to purchase cryptocurrency. Coinbase has gained a reputation for safety due to its adherence to local regulations.
- OKX: A global exchange that supports a multitude of features. Some of these include NFT, spot, futures, and options trading.
- Binance: The largest exchange by trading volume, boasts deep liquidity on multiple assets. Traders can also use its blockchain, BNB chain, to build DApps and transact.
- Gate.io: Is an expansive exchange that offers services like a crypto card, a launchpad, trading, and more. Traders can also enjoy derivatives, bots, and copy trading.
- Bybit: As a global exchange, Bybit serves multiple customers with many crypto native products. These include NFTs, IDOs, staking, and more.
Wallets
- Trust Wallet: One of the most popular web3 wallets, offers a multitude of features, is property of the Binance exchange.
- OKX Wallet: Is the proprietary wallet of the OKX exchange. The OKX Wallet has both a mobile app and wallet extension, the former of which is custodial.
- ImToken: The ImToken company offers both a mobile and hardware wallet, both of which are non-custodial.
- Coinbase Wallet: The Coinbase Wallet is extensive and supports multiple cryptocurrencies. It is the product of Coinbase, which gives users some semblance of safety.
- Math Wallet: As a platform agnostic wallet, Math Wallet is available on Android, iOS, Chrome, Brave, Edge, and cloud.
To learn more about BeInCrypto’s Verification Methodology, please visit the link.
- Where to buy Worldcoin (WLD)
- 1. OKX
- 2. Binance
- 3. Gate.io
- 4. Coinbase
- 5. CoinEx
- How to buy Worldcoin (WLD)
- What is Worldcoin (WLD)?
- How does Worldcoin (WLD) work?
- Why is Worldcoin (WLD) controversial?
- Worldcoin (WLD) vs. other cryptocurrencies
- Worldcoin (WLD) ecosystem
- Worldcoin (WLD) wallets
- OKX Wallet
- ImToken
- Coinbase Wallet
- Trust Wallet
- Math Wallet
- Worldcoin (WLD): Should you buy into the hype?
- Narratives rule crypto
- Frequently asked questions
Where to buy Worldcoin (WLD)
If you’re looking to buy WLD, you must first choose a compatible platform. Here are five BeInCrypto recommended exchanges, all of which support Worldcoin.
1. OKX
OKX is a global cryptocurrency exchange known for its extensive array of features that appeal to both novice and experienced traders. The platform provides access to various trading options, including spot and perpetual markets.
2. Binance
Binance is the world’s largest cryptocurrency exchange by trading volume. It offers an assortment of features, including derivatives trading (options and futures), trading bots, staking, mining, and more. Binance users can also enjoy lower trading fees when they hold the platform token, BNB.
Gate.io is an exchange that offers a wide range of services. This includes a huge variety of cryptocurrencies, margin trading with various leverage options, and facilities for lending and borrowing. The platform is designed to serve a broad spectrum of users, from casual investors to seasoned traders.
4. Coinbase
Coinbase is a beginner-friendly and intuitive brokerage and exchange. The platform offers a learn-to-earn program, which helps newcomers understand crypto investments through video classes and rewards. Additionally, the platform features crypto staking opportunities for earning yields.
5. CoinEx
An easy-to-use, global crypto exchange, CoinEx stands out for its wide range of assets. The platform supports staking, futures, spot and margin trading and offers a range of “smart tools” for strategic trading. Notably, CoinEx does not require users to KYC before buying crypto, making it a solid option for users looking to buy WLD anonymously.
How to buy Worldcoin (WLD)
While several platforms support WLD, we’ve used CoinEx for this demo. While the process may vary slightly depending on your chosen platform, the general steps will be the same. Here’s how you can buy WLD on CoinEx:
- Create an account: New customers must start by signing up for a CoinEx account. Note you will not need to KYC to purchase WLD.
2. Add funds: Log into your account. If your account balance is empty, you must purchase a cryptocurrency you can swap for WLD. For this example, we will use USDT.
3. Search for WLD: Use the search bar at the top of the page to find WLD. Click on the correct option.
4. Swap your crypto: Once you have clicked “Worldcoin,” you will see the below interface. Input the amount of USDT you intend to swap for WLD. Double-check everything before clicking “Swap” to complete your purchase. If you plan to hold WLD, ensure you have a compatible crypto wallet to store your tokens safely.
What is Worldcoin (WLD)?
Worldcoin is a project that looks to solve the problem of proof of personhood. Proof of personhood is a mechanism that verifies a person is unique and human online. It’s an important part of establishing one’s digital identity.
In a world with a lot of AI, knowing who is human matters more and more.
Sam Altman, OpenAI CEO: YouTube
Despite efforts to identify unique human users through CAPTCHA tests like clicking on fire hydrants, the challenge of proving personhood remains unresolved. This complicates online voting, financial activities, privacy, and security.
Worldcoin accomplishes this in a decentralized way using zero-knowledge proofs, without the user revealing their real-world identity to prove they are a person.
The Worldcoin Foundation is a non-profit organization started by Tools for Humanity. The non-profit supports the Worldcoin community and will continue to do so until it becomes self-sufficient.
Sam Altman, Max Novendstern, and Alex Blania founded Tools for Humanity in 2019. Altman, a co-founder and CEO, also helped found OpenAI alongside Greg Brockman, Peter Thiel, and Elon Musk.
How does Worldcoin (WLD) work?
Worldcoin is centered around World ID, a privacy-focused global identity network. Through World ID, users can verify their unique human status on any participating platform — this means no more clicking on traffic lights, cars, or buses.
This method is Sybil resistant, supports fair airdrops, defends against bots on social media, and aids in the equitable distribution of scarce resources. Additionally, World ID could facilitate global democratic processes and innovative governance models, such as quadratic voting.
It might also pave the way for an AI-funded universal basic income (UBI). UBI is a social welfare idea in which all people of a country or geographic area receive a regular, unconditional cash payout. However, Worldcoin (WLD) would replace cash in the Worldcoin UBI system.
Why is Worldcoin (WLD) controversial?
Worldcoin was launched amid much controversy in mid-2023. The project has faced strong criticism for its business model, which involves scanning people’s irises in exchange for cryptocurrency. Scanning and storing biometric data raises concerns about personal data security and access.
Moreover, Worldcoin received an even stronger rebuke for collecting biometric data in underdeveloped nations. The project received its first half a million users from field testing in 24 countries, such as Ghana, Indonesia, Kenya, and Sudan.
Some questioned the ethics of exchanging biometric data for cryptocurrency. This also raises concerns about exploiting those who might not fully understand the ramifications of surrendering their personal data.
Worldcoin (WLD) vs. other cryptocurrencies
There are many ways to compare WLD to other cryptocurrencies. Here, we will compare Worldcoin to Bitcoin.
Worldcoin (WLD) vs. Bitcoin: An ultimate comparison
There are many stark differences between BTC and WLD. For starters, WLD is an ERC-20 token, while BTC is a coin. This means that BTC has its own blockchain while WLD does not.
Since WLD is an ERC-20 token, it can easily be stored in both hot wallets and cold wallets (such as MetaMask or Ledger). The Worldcoin token exists on both the Ethereum and Arbitrum blockchains.
Meanwhile, Bitcoin is primarily a decentralized payment platform. This means that BTC holders can initiate transactions with each other without intermediaries. Worldcoin (WLD) is the incentive layer for onboarding users to its identity verification platform and other services.
Lastly, Bitcoin has a market cap of over $1.2 trillion. This makes up 53.2% of the total cryptocurrency market cap, which is approximately $2.36 trillion as of April 26, 2024. WLD has a market cap of just under a billion dollars, sitting at $925 million.
| Features | Worldcoin (WLD) | Bitcoin (BTC) |
|---|---|---|
| Type | Token | Coin |
| Network | Ethereum and Arbitrum | Bitcoin |
| Purpose | Identity verification | Peer-to-peer (P2P) payments |
| Market cap. | $971 million | $1.2 trillion |
Worldcoin (WLD) ecosystem
Within the Worldcoin ecosystem, there are four main primitives: World ID, Worldcoin, World App, and Worldchain. Here’s a quick look at each.
World ID
World ID is a privacy-preserving proof of personhood, otherwise known as an anonymous ID. It uses zero-knowledge proofs to verify user identities online while protecting sensitive information. This is accomplished using a custom biometric device known as the Orb. The Orb is designed to be a long-term solution for AI-safe verification of personhood.
World IDs are issued through the Worldcoin protocol. This protocol allows individuals to demonstrate their humanity to any verifier, including web2 applications. It maintains user privacy using zero-knowledge proofs. Some of the future plans include issuing other types of credentials on the Worldcoin protocol.
World ID is intended to be “person-bound.” This means it can only be used by the individual to whom it was issued. It aims to be secure against fraud by unauthorized parties who might steal or acquire World ID credentials. Additionally, it is also possible for someone to recover a lost or stolen World ID.
Worldcoin
Worldcoin (WLD) is the token issued by the network. It aims to align participant incentives with the growth of the network by initiating network activity. This distribution is intended to bootstrap the development of useful applications on the network’s financial and identity infrastructure.
World App
The World App is the frontend for World ID and is available on Android and iOS. It assists users in completing verification through the Orb, manages their World ID credentials, and uses cryptographic protocols to share these credentials with third parties while preserving privacy.
Designed to enable seamless access to global decentralized financial infrastructure, the app sets the groundwork for future integrations. Over time, it’s expected that many different crypto wallets will incorporate World ID.
Worldchain
World Chain is described as a “blockchain for humans.” It prioritizes human users by offering them priority block space and a free gas allowance, making it easier for verified humans to start using the network.
This blockchain will be open source, permissionless, and secured as a layer-2 solution on Ethereum, enhancing its scalability within the Optimism Superchain ecosystem.
Its design encourages real-world applications by integrating World ID for Sybil resistance. The aim is for the community to govern World Chain. As a result, this setup will offer developers a platform to reach users with apps that focus on real-world utility.
Worldcoin (WLD) wallets
Once you have bought Worldcoin, you will need to find a secure wallet to store the token. Here’s a quick roundup of some of the top options in 2024.
OKX Wallet
OKX Wallet is the proprietary wallet of the OKX platform. Users must keep in mind that OKX has a web extension and mobile app, the latter of which is custodial. The non-custodial wallet allows users to connect to DApps and import multiple token standards like ERC-20 or Solana SPL tokens.
ImToken is a crypto wallet software company. It has a non-custodial hardware wallet and a mobile wallet that is available on iOS and Android. ImToken allows users to stake, browse, access DApps, and buy crypto all from one wallet.
Coinbase Wallet
As the name implies, the Coinbase Wallet is the proprietary wallet of the Coinbase platform. It is separate from Coinbase Prime and allows users to self-custody their crypto, hold multiple coins and EVM-compatible tokens, and browse the internet or DApps.
Trust Wallet
The Trust Wallet is an extensive web3 wallet that allows users to store, swap, and purchase crypto all in one place. Users can also access popular DApps directly from the wallet, which offers traders a level of safety.
Math Wallet
Math Wallet is a platform-agnostic wallet that allows users to hold crypto on more than one hundred blockchains on mobile, browser extension, and cloud. Users can also use the DApp browser to safely access decentralized applications via the app.
Worldcoin (WLD): Should you buy into the hype?
Before investing in or using Worldcoin, there are a few things users should consider.
Pros and cons of investing in Worldcoin (WLD)
Firstly, if you are interested in investing in Worldcoin, you should remain aware of its usage. Less than a year after its launch, the Worldcoin app reached over 4 million downloads. However, this momentum slowed as 2024 set in. As of late April 2024, there are more than over 5 million unique humans on Worldcoin.
On the other hand, Worldcoin has close associations with OpenAI and Sam Altman — though it is not specifically an artificial intelligence project. Narratives dominate most of the popular sectors in crypto. Worldcoin’s proximity to Sam Altman and OpenAi may prove useful, with positive AI news often acting as a bullish signal for the price of WLD.
Moreover, the project was seeded by several big-name venture capitalist firms. Some of these include a16z, Khosla Ventures, and Blockchain Capital. In its latest round of funding, Worldcoin raised $115 million, amounting to about $240 million in total from three funding rounds.
Is Worldcoin (WLD) a good investment for you?
Whether you should purchase Worldcoin depends on your strategy. If you are a long-term investor who believes in the vision of the Worldcoin ecosystem, consider that as of April 26, 2024, WLD is down from its all-time high but still up from year to date.
Although it has dropped from its all-time high of about $10, the price of WLD has increased significantly since its launch. In other words, for long-term holders, WLD is trading at a significant discount.
Narratives rule crypto
Whether it makes sense to buy Worldcoin entirely depends on your investment strategy. As stated previously, narratives rule crypto. Worldcoin’s success will depend on whether the project can gain real-world adoption or generate enough hype or controversy to draw the attention of speculators. As always, ensure to prioritize security when interacting with decentralized ecosystems. Never invest more than you can afford to lose.
Frequently asked questions
Investors can purchase Worldcoin (WLD) on multiple exchanges. These include CoinEx, Binance, OKX, and others. You can also purchase WLD on decentralized exchanges (DEXs).
To withdraw Worldcoin in the U.S., you must first find an exchange that supports WLD. Many exchanges do not support WLD in the U.S. You will likely have to purchase the asset on a DEX.
Users can purchase Worldcoin on many exchanges. For example, Binance, OKX, and CoinEx support WLD. Users should keep jurisdictional restrictions in mind.
To purchase Worldcoin in the U.S., you will most likely have to use a DEX. Many centralized exchanges do not offer WLD. DEXs on Ethereum and Arbitrum may provide a way for users to purchase WLD in the U.S.
Yes, users can purchase Worldcoin on Binance. User should keep jurisdictional restrictions in mind. For example, many cryptocurrencies are not available on Binance U.S.
When users complete an iris scan with the Worldcoin orb, they will receive free crypto. WLD is not free on CEXs or DEXs. To purchase WLD, you will need to create an account on a CEX or purchase crypto to trade for WLD.
Users can earn Worldcoin by completing an iris scan at an official Worldcoin orb. Orbs are available in over 30 countries. To date, there are at least 2,000 orbs available for scanning.
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