Donald Trump's Family Project World Liberty Financial (WLFI) Hits the Floors, Token Sale Reaches $220M in Value Within First Hour Despite Website Crashes

The WLFI token sale started with more than 344 million tokens sold to around 3,000 unique wallets.

Trump Family's World Liberty Financial Token Sale Hits $220M In An Hour Despite Website Crashes

World Liberty Financial (WLFI) hit the ground running on Wednesday, with its token sale reaching $220 million in value within the first hour despite website crashes.

The WLFI token sale began with more than 344 million tokens sold to around 3,000 unique wallets. A wallet associated with the token, as reported by CoinDesk, holds nearly $4 million in Ethereum (CRYPTO: ETH), $1.2 million in Tether (CRYPTO: USDT), and around $250,000 in USD Coin (CRYPTO: USDC) tokens.

The WLFI token will serve as a platform governance token, allowing users to participate in borrowing, lending, and other decentralized finance (DeFi) activities on the platform. The project aims to raise $300 million, valuing the venture at $1.5 billion, with 100 billion tokens set to be released on the Ethereum blockchain.

The Trump family plays a significant role in the project, with Donald Trump serving as the "chief crypto advocate," his sons Eric and Donald Trump Jr. as "web3 ambassadors," and Barron as the "DeFi visionary."

The Trump-backed World Liberty Financial reportedly had pre-approved over 100,000 accredited U.S. investors ahead of the token launch.

The WLFI token will allow holders to propose future changes to the platform and will become fully functional for its governance upon the completion of the token sale. The project will reportedly launch its own decentralized autonomous organization (DAO) in the future.

The Trump-backed project had pre-approved over 100,000 accredited U.S. investors ahead of the token launch. All the WLFI token will be non-transferable and locked indefinitely in a wallet or smart contract.

In mid-October, the team behind World Liberty Financial stated that the best way to "Make America Great" using cryptocurrencies is to promote the use of U.S. dollar-backed stablecoins rather than speculative, risky assets. This belief is reflected in the project’s focus on stablecoins and DeFi activities.

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