Key Points:
- Donald Trump and his sons announced their cryptocurrency venture, World Liberty Financial, during a livestream on X.
- The WLFI token will be regulated by the SEC, with 63% sold to the public, 17% for rewards, and 20% for the team.
As many were speculating, former President of the United States Donald Trump announced the launch of their cryptocurrency project, World Liberty Financial with WLFI token, in a live stream on Spaces – the new rendition of X, earlier known as Twitter.
Read more: World Liberty Financial Linked to Hacked DeFi Project Dough Finance
Trump Family Unveils World Liberty Financial Crypto Venture
The event inducted Trump, accompanied by his three sons, namely Donald Trump Jr., Eric Trump, and Barron Trump, with Donald Trump Jr. and Eric in the front row to lead the initiative.
Trump, in a virtual live stream with crypto influencer Farokh, talked about his move into cryptocurrency, labelling his involvement paramount for the move:
“Crypto is one of those things we have to do. Whether we like it or not, I have to do it.”
Some of the key details of the project were given by Zak Folkman, the Director of Operations for World Liberty Financial, who also confirmed that the WLFI token would not be on presale and was a regulated instrument via the U.S. SEC. It encompasses a token distribution model wherein 63% is sold to the public, 17% will go to user rewards, and 20% will go towards team compensation.
The startup, World Liberty Financial, was teased as a crypto banking platform that would provide ways for customers to borrow and lend cryptocurrency. Seventy per cent of the company’s equity is controlled by Trump family insiders. First promoted by the Trumps in August, the function of the project has been somewhat nebulous. Trump did little to clarify it Tuesday night during the livestream event, more or less ceding business discussion to his partners.
Trump Promises Crypto-Friendly Policy in the 2024 Race
Trump credited his increasing interest in crypto to his past NFT projects, which originally brought him to the industry. The live stream, lasting more than two hours, also featured speeches from Trump’s collaborators, several of his sons, and two crypto enthusiasts without any prior experience in high-profile initiatives.
The event also, not surprisingly, doubled as a campaign rally for his 2024 presidential run and one in which he promised that under his stewardship, the regulatory environment for cryptocurrencies would be far more amenable than that of the present administration’s approach to crypto regulations.
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Source: Coincu