Donald Trump's cryptocurrency project, World Liberty Financial, released a 13-page document Thursday explaining its mission and how it will allocate its tokens, allowing the Republican presidential candidate and his family to take home 75% of their net proceeds. suggested that there is a sex.
World Liberty Financial (WLF) said the Trump family will receive 22.5 billion “$WLFI” tokens in what it calls “World Liberty Gold Paper,” including 1 token at launch. Based on a price of 1.5 cents per dollar, it is now worth $337.5 million. this week.
Trump, who is in a virtual dead heat with Vice President Kamala Harris as the election draws to a close, has spent months promoting a cryptocurrency project, previously referring to DeFi, short for decentralized finance. It was named “The DeFiant Ones.”
On Tuesday, the project launched its WLFI token and said in its roadmap that it aims to raise $300 million at a valuation of $1.5 billion in its first sale. As of Thursday, only $12.9 million worth of tokens had been sold, according to the website.
The paper released Thursday shows that Trump and his family are not responsible. It indicates that none of them are directors, employees, managers or operators of WLF or any of its affiliates, and states that the project and tokens are “not political or affiliated with any political movement.” Ta.
WLF did not respond to requests for comment. The Trump campaign referred questions to the Trump Organization, which did not immediately respond to a request for comment.
Crypto projects typically publish a whitepaper before launching a coin, providing a guide for investors to learn more about their mission, goals, and how future tokens will be allocated. According to the WLF paper, a Delaware-based company with ties to the former president, DT Marks DEFILLC, will receive three-quarters of the net proceeds of the protocol.
WLF advertises itself as a crypto bank that encourages customers to borrow, lend, and invest in digital coins. In the document released Thursday, it was agreed that net protocol revenue would be income to WLF from “all sources, including but not limited to platform usage fees, token sale proceeds, advertising, and other revenue sources.” It is defined as excluding expenses and reserves for the continued operation of WLF.
Approximately $30 million of the initial proceeds will be set aside in reserves to cover operating expenses and other financial obligations.
The remaining 25% of the protocol's net proceeds will be donated to Axiom Management Group (AMG), a Puerto Rico LLC wholly owned by two of its co-founders, Chase Herro and Zachary Folkman. .
Folkman previously ran a company called Date Hotter Girls and reportedly helped develop the cryptocurrency project Dough Finance. Herro worked on Do and launched another crypto trading business called Pacer Capital a decade ago, which now appears to be defunct.
AMG will give half of its rights to net protocol revenue to a third LLC called WC Digital Fi, an affiliate of President Trump's close friend and political donor Steve Witkoff, and “certain members of his family.” agreed to the assignment. Witkoff's son, Zachary, is also named as one of the project's co-founders.
Folkman previously said that only 20% of WLF's tokens would be allocated to the founding team, which includes the Trump family. The paper details the expected coin allocation breakdown, with 35% of the total supply going to token sales, 32.5% to community growth and incentives, 30% to initial support allocation, and 2.5% to token sales. are assigned to teams and advisors.
The fine print of this document clearly states that these “anticipated token distribution amounts are subject to change.” It's unclear which category Trump and his family fall into.
The paper calls Trump “the chief champion of cryptocurrencies.” All three of his sons are “Web3 Ambassadors.”
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