Former U.S. President Donald Trump has thrown his weight behind a new digital asset project, World Liberty Financial.
Former U.S. President Donald Trump has thrown his weight behind a new digital asset project, World Liberty Financial. Despite the high-profile endorsement, the token sale for the latest Trump family project is falling short of expectations.
Late on Tuesday evening, Trump took to the social media platform X to tout the WLFI token, which is native to cryptocurrency platform World Liberty Financial. The token disappointed on its first day of sales, only moving about $9 million worth of tokens, 3% of the total allocation intended for public purchase.
The WLFI token will be implemented in the ecosystem of the World Liberty Financial governance token, enabling token holders to participate in a wide range of activities on DeFi, namely lending, borrowing, and creating liquidity pools, similar in nature and functionality to popular DeFi platforms.
Earlier on Tuesday, the token sale website launched with technical issues, with users reporting it was down for much of the day. This may have contributed to the low sales figure, with potential investors unable to access the platform.
Curiously, it appears that Trump's endorsement on X did not catalyze an immediate surge in token purchases. At least 540 million WLFI tokens had already been purchased by users prior to the former president’s social media post, which may mean that Trump’s intervention came when it could no longer make much difference during this initial sale period.
News of a cryptocurrency project that has roped in the Trump family is raising eyebrows in equal measure within political and financial circles. While critics have deemed this an apparent use of Trump's political brand, supporters consider this a bold step into the future of finance.
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