During a two-hour event on X (formerly Twitter), former President Donald Trump and his team finally shared key details about their new crypto project, World Liberty Financial. This venture, heavily promoted by the Trump family, aims to function as a crypto banking platform where the public can borrow, lend, and invest in digital currency. It will also feature its own cryptocurrency, WLFI.
According to founder Zak Folkman, the project’s token distribution will allot 20% of the tokens to the founding team, including the Trump family, while 17% will be reserved for user rewards. The remaining 63% of tokens will be made available for public purchase, with no pre-sales or early buy-ins. Folkman clarified that the token sale will comply with the Securities and Exchange Commission’s Regulation D, which allows companies to raise capital without registering securities under certain conditions.
Trump touched on his evolving views on cryptocurrency, sharing that he was initially uninterested but became more involved after witnessing the success of his NFT sales. “Crypto is one of those things we have to do,” Trump said, emphasizing its inevitability.
The project also includes prominent figures like Trump’s long-time friend Steve Witkoff, whose son introduced the Trumps to crypto entrepreneurs Chase Herro and Zak Folkman. Witkoff, now a key figure in World Liberty Financial, highlighted the project’s focus on decentralized finance, aiming to offer credit to underserved populations.
The Trump family, including Donald Jr., Eric, and Barron Trump, hold roles within the project but do not directly own or manage it. While Trump’s connection to the crypto sector has grown, industry figures worry that his own crypto ventures could complicate his broader relationship with the sector, especially if World Liberty Financial struggles to meet expectations.
Further details about the platform and its launch timelines were sparse, with the team urging supporters to stay tuned to official social media for updates and to beware of scams.