As a seasoned researcher with years of experience in the financial industry and a keen interest in the rapidly evolving world of cryptocurrencies, I find myself intrigued by the latest venture of Donald Trump – World Liberty Financial (WLF). It’s not every day that we see such a high-profile figure diving into the decentralized waters of DeFi.
As reported by MacKenzie Sigalos for CNBC, Donald Trump’s cryptocurrency project, World Liberty Financial (WLF), unveiled a whitepaper on Thursday detailing its objectives and the distribution of $WLFI tokens, which could potentially yield substantial financial advantages for the Trump family. The document suggests that the Trump family might receive as much as 75% of the project’s overall profits. This week saw the launch of these tokens, each valued at 1.5 cents, thereby assigning the Trump family a total of 22.5 billion tokens, approximately equivalent to $337.5 million in value.
For several months, the Trump family has been advocating for this cryptocurrency venture. Originally known as “The DeFi Rebels”, it’s a nod to decentralized finance (DeFi), and on Tuesday, they officially introduced their WLFI token. The goal is to secure $300 million at a valuation of $1.5 billion during the initial sale; however, by Thursday, only $12.9 million had been successfully raised.
As a researcher, I’ve come across information that clarifies Trump and his family have no formal positions within the World Leaders Forum (WLF) and bear no legal responsibility for its operations. The WLF is portrayed as non-political and unaffiliated with any political campaign. The entity managing WLF, DT Marks DEFI LLC, a Delaware company linked to Trump, stands to receive approximately 75% of the net protocol revenues. This income encompasses platform fees, token sales, advertising revenue, and other sources.
WLF functions like a digital banking platform, inviting users to take loans, make deposits, and invest in virtual currencies. Around 30 million dollars from the early earnings are earmarked for covering operational costs.
The report continued by stating that 25% of the net earnings will be allocated to Axiom Management Group (AMG), a company situated in Puerto Rico, which is co-owned by Chase Herro and Zachary Folkman. It appears that Chase Herro, who established Pacer Capital, and Zachary Folkman, known for his work on crypto projects like Dough Finance, are spearheading the project together with Steve Witkoff. Steve Witkoff is a friend of Trump and has made political contributions to him.
In the main document for this project, Donald Trump is referred to as the “principal advocate for cryptocurrency,” whereas his three sons are identified as “representatives of Web3.
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2024-10-18 11:58