Former President and current U.S. presidential candidate Donald Trump officially unveiled a cryptocurrency project called World Liberty Financial on the X platform from his Mar-a-Lago residence. The event took place despite a recent assassination attempt against the politician during a golf game. The broadcast lasted over two hours and attracted 1.3 million listeners. Among other speakers were Trump's sons, Eric Trump and Donald Trump Jr.
According to financial disclosures he filed in August, Donald Trump earned approximately $7.2 million in 2023 from a licensing agreement with NFT INT, LLC, a company that sells NFTs or non-fungible tokens featuring images of the former U.S. president.
The former U.S. president also holds between $250,000 and $500,000 in an Ethereum wallet.
The Arkham platform estimates Trump’s cryptocurrency portfolio to be worth $5.7 million (as of September 17, 2024).
What is World Liberty Financial and the WLFI Token?
During a virtual interview, minimal details were disclosed. Donald Trump Jr. stated that this initiative would provide new opportunities for people who cannot obtain funding from traditional banks. Donald Trump himself expressed optimism about the future of the crypto industry:
“This is a young and rapidly growing industry. I believe in it.”
Steve Witkoff, a real estate investor and friend of Trump, also attended the virtual event and confirmed his involvement in the project.
The World Liberty Financial platform is described as a decentralized finance (DeFi) marketplace on the Ethereum blockchain, where people can borrow, lend, and earn interest on cryptocurrency. DeFi differs from traditional finance as it bypasses intermediaries. All transactions occur on the blockchain and are governed by smart contracts.
Trump's cryptocurrency project promises to be “more user-friendly” and accessible compared to current alternatives and will be backed by a non-transferable (i.e., non-tradable) governance token called World Liberty Financial (WLFI). This may potentially be a Soulbound Token (SBT).
Meanwhile, the World Liberty Financial team, led by Zach Folkman and Chase Hero, revealed some details to Decrypt:
- The token sale will be regulated by the U.S. Securities and Exchange Commission (SEC).
- A significant portion of the token supply—62.66%—will be allocated during the upcoming sale.
- Some of the net proceeds will be allocated to the project's multi-wallet reserve fund.
- Part of the net revenue from the token sale will be used to compensate the project founders, team, and service providers.
- Approximately 17.33% of WLFI will be allocated to incentivize broader participation in World Liberty governance and other community development initiatives.
- The remaining 20% of tokens will go to the project team, advisors, and future employees. An undisclosed portion of WLFI will be designated for the WLF Fund and the Witkoff Group.
Beware of Fakes!
Interestingly, following the official announcement, fake tokens using the name World Liberty Financial (tickers WLFI, WLF, WL, and possibly others) began to move in various price directions. Be aware that there are numerous unofficial tokens like these on different blockchains. There has been no official launch yet.
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