Coinsquare Capital Markets Inc. (“Bitbuy”) is offering crypto contracts to purchase and sell Worldcoin in reliance on a prospectus exemption granted by the Canadian Securities Administrators (CSA) in the exemptive relief decision dated October 12, 2022. The statutory rights of action for damages and the right of rescission in section 130.1 of the Securities Act (Ontario) and similar legislation in the other CSA jurisdictions do not apply in respect of a misrepresentation in this statement to the extent that a crypto contract is distributed under the above-noted prospectus relief.
No securities regulatory authority in Canada or any other jurisdiction has expressed an opinion about any of the crypto assets (or crypto contracts) that are available through Bitbuy’s platform, including an opinion that the crypto assets are not themselves securities and/or derivatives.
Bitbuy has compiled the information contained in this Crypto Asset Statement to the best of its ability based on publicly available information.
About Worldcoin
WLD is a token developed by Tools for Humanity, a company co-founded by Sam Altman, Alex Blania, and Max Novendstern. It is not a product of OpenAI, although the two companies share a co-founder. WLD is the utility and governance token for the World Network (formerly Worldcoin). It serves as the native gas token for the World Chain Layer 2 network and grants users voting rights on the protocol's future direction. The project is currently governed by the Worldcoin Foundation. 1 When it was originally launched, the Worldcoin ecosystem was intended to provided the basis for a universal-basic-income (UBI) system, however recently the project pivoted to focus on solving the issue of identifying real humans on the internet where bots are becoming ever-prevalent and the reach of artifical intelligence is growing. The Worldcoin network uses a physical device called an Orb to scan human retinas. The World Network technology produces a unique numerical code (IrisCode) for each retina, which cannot be used to recreate the image of that specific retina.The network then uses zero-knowledge proofs (ZKP) to verify that a unique hash exists for a given user, without exposing the hash, allowing users to verify that they are human without risk of exposing any of their private data.The Worldcoin token does not represent an equity, debt or any other type of claim on OpenAI.
Risks
As with all assets, investing in WLD is not without some general risks. All of the risks of tranding and staking crypto that are identified and explained in our Risk Statement apply to WLD.
In addition to the general risks, we outline some risks that are specific to WLD below. While we make an effort to identify every source of risk, we encourage you to do your own research and ensure you are comfortable investing in WLD.
WLD reliance on the Ethereum Network
As WLD is an ERC-20 token on the Ethereum network, it is highly dependent on the continued stability of that network. Any fundamental issues in the Ethereum network may impact WLD’s smart contract or token value. Investors should consider this dependency when evaluating Worldcoin.
WLD uncertain total token supply
Worldcoin has a proposed supply cap of 10 billion tokens for the next 15 years, but has made it clear that the governance protocol can vote to raise this cap and implement token inflation mechanisms.
WLD dependence on WorldID verification
The Worldcoin ecosystem has a zero-knowledge ID proof system called WorldID which requires in-person enrollment that cannot be provided by Bitbuy and may not be available in Canada. Owning Worldcoin without a WorldID may limit a user’s ability to participate in tokenomics like airdrops. At this point in time, there are no known restrictions on governance or transacting in Worldcoin related to WorldID verification, but that does not mean that such restriction or requirement will not be introduced in the future.
Privacy concerns regarding WorldID data
Worldcoin’s system of human verification requires a retinal scan performed via physical device called an Orb. After scanning, humans can choose to allow worldcoin to store their retinal image data and use it to help their technology better learn to identify other retinal images. Authorities in France, Germany, Argentina, the United Kingdom, Spain, Kenya, Hong Kong, Portugal, South Korea, and Indonesia have taken regulatory action against World Network. These actions range from opening investigations to issuing fines, ordering the cessation of biometric data collection, and mandating data deletion.
To be made available for trading on Bitbuy’s platform, a digital asset must pass the following due diligence reviews:
Bitbuy undertakes these three levels of due diligence in order to determine whether the digital asset is compliant with our legal and regulatory obligations, is secure, and has historical data supporting a beneficial business case. Bitbuy’s New Product Committee must provide final approval for a new digital asset to be made available on the platform.
Other Useful Links:
Worldcoin Project webpage: https://worldcoin.org/
Worldcoin official twitter: https://twitter.com/worldcoin
Worldcoin whitepaper: https://whitepaper.worldcoin.org/
Last updated: March 24, 2026
