Trump’s World Liberty Financial sells over 1 billion tokens
Donald Trump-backed crypto venture World Liberty Financial (WLFI) has reached a milestone, raising around $15 million so far after surpassing one billion tokens sold on Election Day.
World Liberty Financial released a ‘Gold Paper,’ which highlighted the project’s goals, rules and intentions that included the supply of 20 billion tokens upon launching. However, the project is still far from realising its target of raising $300 million from its token sale.
According to analytical platform Kryptocasinos.com, WLFI selling one billion tokens is “slightly underwhelming” in the context that it is supported by Trump, one of the biggest political figures worldwide. Experts at the platform said Trump’s affiliation represents a landmark moment for the crypto vertical.
In addition, they believe it is the step that is required to help raise awareness of digital currencies and propel their adoption. However, experts acknowledge that such an expansion is contingent on the “political and regulatory landscapes.”
The Kryptocasinos.com spokesperson said, “If World Liberty Financial and Trump’s influence can foster clear, supportive regulations that protect both investors and innovators, it could pave the way for the widespread use of digital currencies.”
The new decentralised finance had started selling its public token from 15 October. WLFI is spearheaded by Zachary Folkman and Chase Herro. Folkman and Herro have previously worked on DeFi platform Dough Finance, where a July exploit saw crypto assets worth $2 million being drained.
Trump’s proactive stance
Donald Trump took a more proactive approach towards cryptocurrency with the launch of World Liberty Financial, saying, “I think crypto is one of those things we have to do.”
This marked a turnaround from three years ago, when he said Bitcoin seemed like a “scam” and a threat to the US dollar. It is also in stark contrast to the Biden administration, where the White House has been leading a crackdown on crypto firms in recent years.
Recent clampdowns include Sam Bankman-Fried, the founder and CEO of FTX, receiving 25 years in jail for fraud and Binance’s Changpeng Zhao getting four months in prison and the company paying a hefty fine.
