According to data, World Liberty Financial, backed by Donald Trump and his family, has started selling tokens on its site.

The launch occurred at 12:40 UTC, and within the first twenty minutes, over 220 million WLFI tokens had been purchased. From the perspective of blockchain analytics, the sale attracted great interest since it mobilized more than 1,700 unique wallets.

Donald Trump-Backed Crypto Token Raises Millions in Minutes

World Liberty Financial, the crypto project that Donald Trump and his sons are sponsoring, started token sale at 12:40 UTC. In twenty minutes of token sale, blockchain data revealed that over 220 million WLFI tokens have been sold. The sale gained traction at a record rate, as already over 1,700 unique wallets have participated.

Nevertheless, the website is not live as of this writing. According to the site’s official explanation, it is under maintenance. Recently, the project registered more than 100,000 accredited US investors for its WLFI token launch.

A blockchain wallet hooked to the WLFI sale maintains close to $3 million in Ether. It has less than $1 million each in Tether and USD Coin. Per the statement, WLFI is a governance token. It gives holders the right to use the platform for various DeFi activities, such as borrowing and lending.

The fundraising goal is $300 million, which would put the venture’s overall valuation at around $1.5 billion. Funding this venture is expected to accelerate the development and expansion of several DeFi services that aim to attract users with governance capabilities and access to financial operations within the ecosystem.

WLFI Token Faces Criticism Amid Lack of Transparency

In a post over the weekend, former President Donald Trump shilled the World Liberty Financial, WLF, token sale to his followers on X, characterizing it as the chance to be in at the beginning of “shaping the future of finance.” For all the fanfare, would-be investors need more substantial information regarding the project.

Insiders have described WLF as a form of “crypto bank,” which users can borrow from, lend to, and invest in within the cryptocurrency universe. However, no official white paper or structured business plan has been released.

The only public information about the venture states that WLFI token holders will be given voting power on the future WLF platform. This lack of transparency raises concerns for prospective investors about the project’s roadmap and functionality, given the absence of concrete details on how the platform will operate or generate value.

Donald Trump-backed WFL project has created growing furor, not only for its political linkages but also for the potential regulatory risk linked with the sale of the token. According to Charles Hoskinson, the founder of the Cardano blockchain, the project was highly exposed to regulatory scrutiny.

The post Donald Trump’s World Liberty Financial Launches WLFI Token Public Sale appeared first on CoinGape.

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Filed under: News - @ October 15, 2024 2:25 pm