The Trump family may receive 75% of World Liberty Financial’s net profits due to their ownership involvement in the company.
Two rounds of token sales have brought in a total of $550 million for World Liberty Financial, one of several cryptocurrency enterprises supported by US President Donald Trump’s family.
The company’s second token sale brought in over $250 million in cryptocurrency assets. In a press release on Monday, March 17, the business stated that over 85,000 participants had to undergo know-your-customer (KYC) authentication in order to be eligible for the token sale.
Only accredited investors were able to purchase tokens. According to a CoinDesk report, WLFI tokens cannot be exchanged or transferred through cryptocurrency exchanges because the company is not yet listed. According to Zach Witkoff, the venture’s co-founder, “WLFI is on track to supercharge DeFi [decentralised finance].”
WLFI, which was introduced in October of last year, bills itself as a cryptocurrency banking platform. According to a CNBC report, the Trump family may receive 75% of WLFI’s net revenue due to their ownership involvement in the company.
Trump’s latest attempts to strengthen his crypto-friendly agenda coincide with WLFI’s token sales. He established a Strategic Bitcoin Reserve earlier this month by signing an executive order.
But the US president’s entry into the cryptocurrency space has raised moral questions about how financial interests, political authority, and the quickly expanding realm of digital assets interact.
For example, in January of this year, Justin Sun, the creator of the blockchain platform Tron, bought almost $75 million worth of WLFI coins. A month later, it was reported that Sun and the US Securities and Exchange Commission (SEC) were negotiating a settlement for the civil fraud case against the cryptocurrency entrepreneur that the nation’s markets regulator had filed.
The Trump administration’s AI and crypto czar, David Sacks, reportedly sold stakes totalling more than $200 million in digital assets prior to accepting the position because he “didn’t want to even have the appearance of a conflict.
