World Liberty Financial, a cryptocurrency project associated with the Trump family, has officially announced its plans to launch a new digital token.
World Liberty Financial (WLFI), a crypto project with backing from the Trump family, has announced plans to launch a new governance token. During a live stream on X Spaces, which drew over 100,000 listeners, the team behind WLFI confirmed that the token would soon be released. Unlike other cryptocurrencies, WLFI will be non-transferable and won't offer any financial returns to holders. The token is strictly for individuals who want to be involved in the governance aspect of the project. The team emphasized that they are seeking buyers interested in shaping the future of the project rather than those expecting financial gains.
According to the team, 63% of the tokens will be sold publicly, with 17% set aside for rewarding users and 20% allocated to the core team. The details of the project were partially leaked earlier by CoinDesk, which reviewed a draft of the project’s white paper.
In terms of availability, the token will only be offered to accredited investors under a Securities and Exchange Commission (SEC) Regulation D exemption. This regulation allows companies to raise money without needing to register their securities, provided they meet specific conditions such as offering securities to accredited investors or conducting smaller, private sales.
Zak Folkman, one of the founders of WLFI, emphasized the project's goal to create a user-friendly experience. He stated that they want to make the process so simple that people won't need assistance to navigate it. However, no official launch date for the token has been revealed yet.
The livestream also featured members of the Trump family, including Donald Trump Jr., who expressed his enthusiasm for decentralized finance (DeFi). He described DeFi as aligning with the ideals of fairness and opportunity, something he believes the founding fathers of the U.S. would have supported. Trump Jr. also noted that prominent venture capitalists like David Sacks and Elon Musk are becoming more involved in the crypto space.
Eric Trump, another participant, commented on the complexities of using DeFi platforms. He shared a personal experience of struggling with looping Ethereum on Aave, a decentralized lending platform, and emphasized the need to simplify crypto for the average user.
Former President Donald Trump joined the discussion for the first 40 minutes, though he refrained from discussing the details of the project itself. Instead, he shared his thoughts on broader cryptocurrency policy issues, acknowledging that while crypto is a necessary development, it remains a contentious subject. Trump mentioned that, whether people liked it or not, crypto would play a role in the future.
Interestingly, Polymarket, a prediction market platform, saw a surge in activity during the stream. One contract asked whether Trump would announce a cryptocurrency before the next election. Initially, the odds were high that he would, but they later plummeted by the end of the stream. Another contract speculated on specific words Trump might mention, like “Solana” or “Doge.” Although the former president didn’t discuss these specific tokens, he did reference “Crypto” several times and “NFT” once.
