Trump-Backed Crypto Project WLFI Closes Token Sale After Raising $590 Million
World Liberty Financial Initiative (WLFI), the cryptocurrency project backed by US President Donald Trump, has concluded its token sale.
During the process, it amassed approximately $590 million. This places WLFI among the top 10 largest token raises in history, as per data from ICODrops.
WLFI Token Sale
Unlike traditional cryptocurrencies that can be freely traded, WLFI tokens were exclusively available to accredited investors, with restrictions preventing public trading or transfers. Additionally, no timeline has been announced for a potential exchange listing.
WLFI was launched in September 2024 in a bid to advance decentralized finance (DeFi) and promote US dollar-pegged stablecoins to strengthen the USD’s dominance in global markets. The project’s main offering is a DeFi lending platform.
The governance token, WLFI, was introduced for public sale on October 15 and initially targeted a $300 million raise. The sale offered 20 billion tokens at $0.015 each but faced weak demand and attracted just $11 million from 766 million tokens sold. In response, the fundraising goal was lowered to $30 million.
Interest in WLFI increased following the popularity of Trump-related meme coins, such as Official Trump (TRUMP) and Official Melania (MELANIA). By January 20, the initial sale had ended, with 20% of the total supply sold. Recognizing heightened demand, the project released an additional 5 billion tokens at $0.05 each, which nearly sold out by March 13.
WLFI holders will have governance rights over the WLF Protocol; however, tokens will remain non-transferable for the first 12 months post-launch.
One of the most significant investors in WLFI is Tron’s founder, Justin Sun, who purchased $30 million worth of tokens in late November, becoming the top investor position at the time.
WLFI Portfolio at $124M Loss
Meanwhile, Lookonchain revealed that World Liberty Financial Initiative’s portfolio of 9 crypto assets is now down $124 million, with some of the biggest losses coming from Wrapped Bitcoin (wBTC), Aave (AAVE), and Tron (TRX) as a result of the market-wide turbulence this week.
Interestingly, WLFI’s portfolio is heavily weighted in Ethereum, which makes up 65% of its holdings. The company acquired ETH at an average cost of $3,240 per token, but as the price fell to around $1,900 at press time, the altcoin’s depreciation has significantly impacted overall losses.
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Trump-Backed Crypto Project WLFI Closes Token Sale After Raising $590 Million
World Liberty Financial Initiative (WLFI), the cryptocurrency project backed by US President Donald Trump, has concluded its token sale.
During the process, it amassed approximately $590 million. This places WLFI among the top 10 largest token raises in history, as per data from ICODrops.
WLFI Token Sale
Unlike traditional cryptocurrencies that can be freely traded, WLFI tokens were exclusively available to accredited investors, with restrictions preventing public trading or transfers. Additionally, no timeline has been announced for a potential exchange listing.
WLFI was launched in September 2024 in a bid to advance decentralized finance (DeFi) and promote US dollar-pegged stablecoins to strengthen the USD’s dominance in global markets. The project’s main offering is a DeFi lending platform.
The governance token, WLFI, was introduced for public sale on October 15 and initially targeted a $300 million raise. The sale offered 20 billion tokens at $0.015 each but faced weak demand and attracted just $11 million from 766 million tokens sold. In response, the fundraising goal was lowered to $30 million.
Interest in WLFI increased following the popularity of Trump-related meme coins, such as Official Trump (TRUMP) and Official Melania (MELANIA). By January 20, the initial sale had ended, with 20% of the total supply sold. Recognizing heightened demand, the project released an additional 5 billion tokens at $0.05 each, which nearly sold out by March 13.
WLFI holders will have governance rights over the WLF Protocol; however, tokens will remain non-transferable for the first 12 months post-launch.
One of the most significant investors in WLFI is Tron’s founder, Justin Sun, who purchased $30 million worth of tokens in late November, becoming the top investor position at the time.
WLFI Portfolio at $124M Loss
Meanwhile, Lookonchain revealed that World Liberty Financial Initiative’s portfolio of 9 crypto assets is now down $124 million, with some of the biggest losses coming from Wrapped Bitcoin (wBTC), Aave (AAVE), and Tron (TRX) as a result of the market-wide turbulence this week.
Interestingly, WLFI’s portfolio is heavily weighted in Ethereum, which makes up 65% of its holdings. The company acquired ETH at an average cost of $3,240 per token, but as the price fell to around $1,900 at press time, the altcoin’s depreciation has significantly impacted overall losses.
The post Trump-Backed Crypto Project WLFI Closes Token Sale After Raising $590 Million appeared first on CryptoPotato.
Read More
MMA Champion Conor McGregor Launches ‘REAL’ Memecoin with Staking Rewards and Status Points