Trump-Backed Crypto Venture To Extend Token Sales
World Liberty Financial (WLF), a digital asset business associated with President Donald Trump, has successfully raised $1 billion through a token sale, the Financial Times reported on Monday.
Originally launched in October, targeting sales of only 20 billion WLF tokenThe decentralized finance (DeFi) venture token surpassed this target by selling 21 billion tokens, showing strong demand despite a rocky start.
Eric Trump advocates for world free finance in ‘high-profile event’
according to Reportthis surge in interest comes as WLF announced the issuance of an additional 5 billion tokens from its total supply of 100 billion tokens, citing “tremendous demand and overwhelming interest.”
The Trump family’s foray into cryptocurrency has been fraught with enthusiasm and controversy. Over the weekend, both Donald Trump and his wife Melania launched their own meme coins, which quickly skyrocketed in value.
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Eric TrumpThe man who actively promotes free finance in the world also attended a “high-profile cryptocurrency event” in Washington to celebrate the intersection of politics and digital assets, while his father prepares for a new administration.
Trump’s embrace of the cryptocurrency industry during the campaign has resonated with industry executives, many of whom expect a more favorable regulatory environment for the industry compared with the policies of the outgoing Biden administration.
Appoint crypto-friendly figures, e.g. Paul Atkins This potential shift is further underscored by the appointment of David Sacks, who leads the U.S. Securities and Exchange Commission (SEC), as the newly created artificial intelligence (AI) and cryptocurrency czar. However, the venture has not been without criticism.
Trump’s meme coin sparks controversy
There are concerns about the limited rights associated with the WLF token, which provides holders with only minimal voting rights and no economic rights. Additionally, these tokens cannot be traded or sold back to WLF, leading to questions about their long-term value and utility.
Adding to the conspiracy surrounding WLF, prominent cryptocurrency entrepreneur and TRON Blockchain Founder Justin Sun recently revealed that he would invest $45 million in the venture, bringing his total stake to $75 million.
The market’s reaction has been choppy, with Bitcoin briefly surging to an all-time high of over $109,000 on Monday before falling back to $102,000 following Trump’s inauguration speech.
Analysts are now speculating that Trump’s upcoming executive order could boost the fortunes of the U.S. cryptocurrency industry, although some industry veterans remain sceptical.
Venture capitalist Nic Carter has expressed concerns about the “ethical implications” of a sitting president engaging in business ventures that could be considered a “conflict of interest.”
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The launch of the Trump meme coin also sparked controversy, with the Donald Trump meme coin falling sharply from a weekend high of $75 to $52.
Meanwhile, the Melania Trump meme coin disrupted the market dynamics of Donald Coin, with its value swinging sharply from a high of $13.64 to $8.43.
Bernstein analysts note that this “chaotic crypto era” marks a critical moment in government engagement with cryptocurrencies cryptocurrency The relationship between leadership and emerging technologies may be redefined.
Analysts assert that the launch of Trump and Melania’s memecoin signals a potential regulatory shift in the country, where digital assets can become a direct link to mass audiences.
Featured images from DALL-E, charts from TradingView.com
