World Liberty Financial (WLF), a decentralized finance (DeFi) project backed by the Trump family, has attracted over 100,000 whitelist signups. This comes just a few hours before its public token sale, which is set to go live on Tuesday.
The team behind the project held a live event on Twitter Spaces some moments ago, sharing details of the upcoming sale. As revealed during the event, Paxos co-founder Rich Teo has now joined WLF as its stablecoin and payments lead.
For what it’s worth, the addition of someone of Teo’s calibre to the team does well for the project’s credibility.
Moreover, it also boosts its prospects and chances for success, considering Teo’s level of experience, particularly in the digital payments sector.
Key Features of World Liberty Financial
WLF will issue its own ERC20 token called WLFI. The token will first be sold to those who joined the whitelist.
According to co-founder Zak Folkman, only 63% of the tokens would be available for public sale. That is, as the project aims to raise $300 million and bring its valuation to $1.5 billion.
The remaining 37% tokens will be split between user rewards (17%) and team compensation (20%).
World Liberty Financial is looking to change the way the traditional banking system works, and it hopes to achieve this through DeFi technology. The platform will first focus on lending and borrowing using Bitcoin, Ether, and stablecoins. WLF’s ultimate goal, however, is to fractionalize real-world assets. That is, after it must have integrated with exchanges, letting users on-ramp and off-ramp with onchain attestations of know-your-customer (KYC) protocols.
Trump Jr. Criticizes U.S. Banks
Meanwhile, Donald Trump Jr. has declared his support for the WLF project and DeFi at large. Earlier today, he made snide remarks about the current U.S. banking system, calling it “a big Ponzi scheme.” He also noted that it is high time that people sought accessible financial solutions. That is, considering the various limitations that come with traditional banking systems.
Notably, the WLF project has garnered both support and criticism. While Trump Jr. believes WLF could transform the banking sector, critics are of the opinion that it is politically motivated, and the backers do not exactly have a genuine interest in innovation.
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