The crypto Worldcoin (WLD 6.44%) is surging on Monday, up 44.1% in the last 24 hours as of 3:10 p.m. ET. The jump comes as the S&P 500 was up 0.1% and the Nasdaq Composite gained 0.4%.
The Sam Altman-backed token is flying on news that Eightco Holdings will add Dan Ives to its board and adopt a Worldcoin accumulation strategy.
This little-known packaging company will buy Worldcoin
Eightco Holdings, a small packaging and e-commerce company, announced Monday morning that Wedbush Securities' Dan Ives is joining as chairman of the board. The company simultaneously revealed plans to raise $250 million through a private placement to fund what it calls a "first-of-its-kind" Worldcoin accumulation strategy.
Although unique in its relative obscurity and choice of crypto asset, Eightco is the latest company to adopt the crypto accumulation strategy pioneered by Michael Saylor and MicroStrategy's shift from business intelligence to raising funds to buy Bitcoin.
Image source: Getty Images.
Worldcoin is the native token of OpenAI chief Sam Altman's controversial identity verification project, which seeks to provide people with unique biometric profiles to prove their humanity online in a future dominated by artificial intelligence (AI).
Worldcoin has some issues
The legality of Worldcoin is an open question in many parts of the world, with some countries already banning the technology and many others investigating. Much of the tech is still being built. There are a lot of elements here that make me nervous -- it looks to me to be built almost entirely on speculation and hype. I would stay away from Worldcoin.
