Trump's crypto project claims 100K signups before token sale
Donald Trump’s crypto initiative, World Liberty Financial, has reportedly attracted over 100,000 signups ahead of its WLFI token sale on October 15.
The Ethereum-based (CRYPTO:ETH) token will serve as the governance asset for the platform, which focuses on decentralised finance (DeFi) services like borrowing, lending, and stablecoin transactions.
In a 90-minute X space session on October 14, Zak Folkman, head of operations for World Liberty Financial, confirmed the sale and elaborated on the platform's functionality.
Alongside team members Chase Herro and Zach Witkoff, Folkman discussed the project’s features, including liquidity pool interactions and crypto transactions.
The project will be available in the United States to accredited investors who meet certain financial criteria, as per the Securities and Exchange Commission’s guidelines.
Additionally, Paxos co-founder Rich Teo has joined the team as the lead for stablecoin and payment operations.
In a previous announcement, Folkman revealed that 63% of WLFI tokens would be sold to whitelisted members, 17% allocated to user rewards, and 20% set aside for the team.
The platform, built on the Aave (CRYPTO:AAVE) protocol, will launch on Ethereum with future plans to expand to Layer-2 networks.
Aave CEO Stani Kulechov expressed his support for the project’s use of Aave’s technology during the event.
Donald Trump Jr., who is the project’s “Web3 Ambassador,” praised the platform for offering a more equitable financial system, criticising traditional banking in the process.
The WLFI token sale will take place just weeks before the U.S. elections on November 5.
Trump, the Republican candidate, has positioned himself as a supporter of cryptocurrency, vowing to make the U.S. the "crypto capital" if elected president.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Former Robinhood employees raise $5 million for crypto-AI startup OpenLayer
OpenLayer has raised $5 million from a16z CSX, Geometry, IOSG Ventures and others.The startup, co-founded by three former Robinhood employees, has developed an AI data layer.
Sunlight is more effective than censorship
Nansen 2 brings transparency, analytics to Tron ecosystem
BIT Mining to pay $10M fine for bribing Japanese politicians in former life