Trump-backed World Liberty Financial nets $550M in token sales

World Liberty Financial, a decentralized concern (DeFi) task backed by the Trump family, has completed its 2nd nationalist token sale, raising $250 cardinal from investors.

WLFI launched connected Sept. 16, 2024, with the extremity of promoting DeFi and stablecoins pegged to the US dollar. The task is endorsed by President Donald Trump and his sons — Eric, Donald Jr. and Barron — who person positioned it arsenic a measurement toward fiscal innovation and a displacement distant from accepted banking.

The institution has present raised astir $550 cardinal by selling 25% of the crypto asset’s full supply. Its archetypal token sale, which opened connected Oct. 15, 2024, netted the institution astir $300 cardinal by selling 20 cardinal WLFI tokens for $0.015 each. 

On Jan. 20, the institution announced different circular of token sales “due to monolithic request and overwhelming interest,” offering 5 cardinal tokens astatine $0.05 each — a 230% terms summation from the archetypal sale. The sale, completed connected March 14, met its afloat people of $250 million.

WLFI raised implicit $590 cardinal since launch

Even earlier the nationalist token sales, the institution had been attracting concern from crypto executives. On Nov. 25, 2024, Tron Founder Justin Sun announced a $30 cardinal investment successful WLFI. Etherscan information shows Sun received 2 cardinal WLFI tokens successful instrumentality astatine $0.015 a piece. 

On Jan. 27, concern level Web3Port announced a $10 cardinal concern into the crypto project. The institution said it plans further purchases and is exploring a “long-term partnership” with the DeFi project. 

On Feb. 11, task superior steadfast Oddiyana Ventures announced a strategical concern successful World Liberty Financial. However, the institution did not disclose however overmuch it invested. 

Related: Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

WLFI faces assemblage concerns implicit legitimacy and concern model

While the institution has raised implicit fractional a cardinal dollars, immoderate crypto assemblage members voiced concerns astir whether it offers innovation oregon is conscionable different currency grab.  

In an X post, 6MV managing spouse Mike Dudas said the task was a “pay-to-play” scheme, not a DeFi gateway that would introduce caller users to crypto. 

Yearn.finance creator and Sonic Labs co-founder Andre Cronje besides questioned the company’s precocious fees and reinvestment strategies. The enforcement said the institution simply extracts worth from crypto firms alternatively than providing utility. 

WLFI has not publically addressed these criticisms.

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