Trump’s World Liberty bought $20M worth of crypto ahead of March 7 summit

World Liberty Financial, a decentralized concern (DeFi) task backed by President Donald Trump’s family, snatched up much than $20 cardinal worthy of integer assets up of the White House’s archetypal crypto acme connected March 7.

According to Bloomberg, a integer wallet tied to World Liberty acquired $10.1 cardinal worthy of Ether (ETH), $9.9 cardinal worthy of Wrapped Bitcoin (WBTC) and $1.68 cardinal of Movement Network’s MOVE token 2 days earlier the summit. 

The Trump household launched World Liberty Financial successful September during the lead-up to the US statesmanlike election. Once it becomes afloat operational, World Liberty claims it volition let crypto holders to buy, merchantability and gain involvement connected their holdings without centralized intermediaries.

In January, President Trump’s son, Eric Trump, said World LIberty “will revolutionize DeFi/CeFi and volition beryllium the aboriginal of finance.”

Source: Eric Trump

However, the task isn’t without controversy. In February, a Blockworks study claimed that World Liberty was floating the sale of its forthcoming WLFI tokens to different projects successful speech for purchasing their tokens. 

Cointelegraph reached retired to immoderate of the projects that allegedly received the token swap offer, with 1 task confirming that nary connection was tabled.

World Liberty clarified connected societal media that “we are not selling immoderate tokens [but] simply reallocating assets for mean concern purposes.”

Related: Trump’s WLF bags implicit $100M successful crypto tokens connected inauguration day

Peculiar timing

Although World Liberty is nary alien to cryptocurrency acquisitions — the institution held more than 66,000 ETH astatine the extremity of January — the timing of the latest acquisition coincides with the highly anticipated White House crypto acme connected March 7.

The summit, which is the archetypal of its kind, volition diagnostic roundtable discussions betwixt crypto manufacture leaders and members of President Trump’s Working Group connected Digital Assets. 

Adding to the intrigue was crypto czar David Sacks, who took to societal media connected March 6 to lament the US government’s ill-timed income of Bitcoin (BTC) successful the past.

The US authorities earned $366 cardinal successful proceeds connected its past Bitcoin sales, but that stockpile would beryllium “worth implicit $17 cardinal today,” said Sacks.  

Source: David Sacks

“That’s however overmuch it outgo American taxpayers not having a semipermanent strategy,” helium said.

The comments came amid increasing speculation that the Trump medication would formally urge establishing a strategical crypto reserve with a special presumption fixed to Bitcoin. 

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