By Mark Hunter
18 hours agoSat Oct 19 2024 06:39:34
Reading Time: 2 minutes
- Donald Trump’s new cryptocurrency venture, World Liberty Financial, will allow the Trump family to collect 75% of the revenue generated by the project
- The project launched this week, selling just 4% of its tokens on the first day
- The level of revenue has raised concerns about potential conflicts of interest
The Trump family will retain 75% of the total revenue raised by the former president’s World Liberty Financial project, a new document has revealed. World Liberty Financial launched this week, selling just 4% of its total allocation on the first day, and a new document released yesterday reveals exactly how Trump will benefit. This significant share of profits has sparked concerns, particularly as Trump continues to make pro-crypto promises as part of his political platform.
4% of Tokens Sold
World Liberty Financial was unveiled this week amid much fanfare, allegedly aiming to provide a decentralized financial system where users can borrow, lend, and create liquidity pools. However, the initial reception has been underwhelming, with only 4% of the tokens sold on the first day of its launch amid concerns that the project is simply another Trump cash grab.
The project published a 13-page document Thursday, called the “World Liberty Gold Paper,” which described its mission:
Inspired by the vision of Donald J. Trump, World Liberty Financial, Inc. (“World Liberty Financial” or “WLF”) is pioneering a new era of Decentralized Finance (DeFi). WLF’s mission is to democratize access to financial opportunities while fortifying the global status of the US Dollar.
Of more interesting reading is the fact that the Republican presidential nominee and his family could take home 75% of net revenue from the poject. World Liberty Financial revealed that the Trump family will receive 22.5 billion governance tokens (ticker: WLFI), currently valued at $338 million, based on the launch price of 1.5 cents per token.
This allocation has prompted criticism from ethics watchdogs, who argue that Trump’s future policy decisions—should he return to office—could be influenced by the success of his family’s business interests. “This raises red flags about potential conflicts of interest,” said John Pelissero, an ethics expert, in response to the venture. In the short term, there is the concern that the family could crash the market by dumping their coins in one go, especially if they sense that the project isn’t fulfilling its ambitions.
If there was any doubt about the level of involvement of the Trump family in the project, the Supporting Team page dispelled this:
Inspired by the vision of Donald J. Trump, the team supporting the WLF commitment to
reshape the financial landscape includes:
Donald J. Trump – Chief Crypto Advocate
Eric Trump – Web3 Ambassador
Donald Trump Jr. – Web3 Ambassador
Barron Trump – Web3 Ambassador
What exactly qualified Trump’s sons to be Web3 ambassadors is not known.
