Trump-backed World Liberty Financial completes $550 million token sale

Justin Sun is one of the largest WLFI investors.Key Takeaways

• World Liberty Financial raised $550 million in a token sale, backed by Trump.
• The decentralized finance platform plans to use the funds for development and expansion.

World Liberty Financial (WLFI), a DeFi project endorsed by President Donald Trump and his sons, has finalized its token sale today, securing $550 million in funding, according to an update on WLFIs official website.

Launched last September, WLFI is focused on promoting decentralized finance and US dollar-pegged stablecoins to maintain the dollars prominence in global finance. Its core feature is a DeFi lending platform, similar to Aave, operating on the Ethereum blockchain and supporting Bitcoin, Ethereum, and stablecoins.

The projects governance token, WLFI, began its public sale on October 15. However, the initial sale underperformed, raising only $11 million from the sale of 766 million tokens.

The project is fronted by Donald Trump‘s sons, Eric Trump and Donald Trump Jr., with Barron Trump designated as the “DeFi visionary.” However, the project’s whitepaper explicitly states that the Trump family does not own or manage the project, though they may receive compensation.

Tron founder Justin Sun is one of the largest investors in World Liberty Financial.

Sun purchased $30 million worth of World Liberty Financial (WLFI) tokens late last November, becoming the largest investor in the project at the time. Later, on January 19, he increased his investment by an additional $45 million, bringing his total stake to $75 million.

The DeFi platform plans to develop an open financial system operating independently of centralized control, offering various blockchain-based products and services.