Former president and current US presidential candidate Donald Trump officially launched a cryptocurrency project called World Liberty Financial on the X platform from his Mar-a-Lago estate. The event took place despite the recent assassination attempt on the politician’s life during a golf game Broadcasting lasted more than two hours and gathered 1.3 million listeners. Other speakers included the sons of the US presidential candidate: Eric Trump and Donald Trump Jr.
By the way, according to financial declarationsfiled in August, Donald Trump earned about $7.2 million in 2023 thanks to a license agreement with NFT INT, LLC, a company that sells NFTs, or non-fungible tokens, «cards» featuring the former US president.
The former US president also keeps from $250 thousand to $500 thousand on an Ethereum wallet.
The Arkham platform estimates Trump’s crypto portfolio at $5.7 million (as of September 17, 2024).
What is World Liberty Financial and the WLFI token?
During the virtual interview, minimal details were announced. Donald Trump Jr. said that this initiative will provide new opportunities for those people who cannot get financing from traditional banks. Donald Trump himself expressed optimism about the future of the crypto industry:
«It is a young and very fast-growing industry. I believe in it».
The virtual event was also attended by Trump’s friend, real estate investor Steve Witkoff, who confirmed his participation in the project.
The World Liberty Financial platform is described as a decentralized finance (DeFi) marketplace on the Ethereum blockchain where people can borrow, lend, and earn interest on cryptocurrencies. DeFi differs from traditional finance in that it has no intermediaries. All transactions take place on the blockchain, which is governed by smart contracts.
Trump’s cryptocurrency project promises to be «more user-friendly» and affordable than current alternatives, and will be backed by a non-transferable (i.e., non-tradable) governance token from World Liberty Financial (WLFI). This will probably be the Soulbound token (SBT).
In the meantime, the World Liberty Financial team led by Zach Folkman and Chase Herro has revealed some details of Decrypt:
- the sale of tokens will be regulated by the US Securities and Exchange Commission (SEC).
- The majority of the token supply — 62.66% — will be distributed during the upcoming token sale.
- Part of the net proceeds will go to the reserve fund of the project’s multi-subscription wallet.
- A portion of the net proceeds from the sale of tokens will go to the project founders, team, and service providers.
- About 17.33% of the WLFI will be used to stimulate increased participation in the management of World Liberty, as well as other community development initiatives.
- The remaining 20% of the tokens will go to the project team, advisors, and future employees. The undisclosed portion of the WLFI will be earmarked for the WLF Foundation and the Witkoff Group.
Beware of fakes!
It is interesting that after the official announcement, fake tokens called World Liberty Financial (tickers WLFI, WLF, WL, there may be others) started moving in different price directions. Keep in mind that there are many similar unofficial tokens on different blockchains. There has been no official launch yet.
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