Crypto

World Liberty Financial Signs Partnership with Pakistan Crypto Council

2 days ago
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TLDR

  • World Liberty Financial (WLFI) founders met with Binance’s CZ in Abu Dhabi to discuss global crypto adoption
  • WLFI signed a Letter of Intent with the Pakistan Crypto Council to promote blockchain and DeFi in Pakistan
  • Pakistan ranks ninth globally for crypto adoption with 25 million active users and $300 billion in annual transactions
  • DWF Labs recently purchased $25 million worth of WLFI governance tokens
  • WLFI currently holds over $102 million in cryptocurrency assets according to Arkham data

World Liberty Financial (WLFI), the Trump-backed crypto lending and borrowing platform, has taken major steps to expand its global presence. The company’s founders recently met with former Binance CEO Changpeng Zhao in Abu Dhabi while also formalizing a partnership with the Pakistan Crypto Council.

On April 27, WLFI announced via a post on X that its founders Zach Witkoff, Zak Folkman, and Chase Herro had met with CZ in Abu Dhabi. The meeting focused on ways to grow cryptocurrency adoption worldwide and explore the next steps for innovation in the industry.

This meeting is part of WLFI’s broader strategy to enter new markets globally. No direct funding announcements or new token issuances were made public following the meeting, leaving the immediate outcomes unclear.

In a related development, WLFI signed a Letter of Intent with the Pakistan Crypto Council. This partnership aims to promote blockchain technology, decentralized finance, and stablecoin adoption in Pakistan.

The WLFI team also met with high-ranking Pakistani officials. These included the Prime Minister and ministers of finance, defense, and information, highlighting the government-level interest in the partnership.

Pakistan’s Growing Crypto Market

Pakistan represents a key growth market for cryptocurrency adoption. The country was ranked ninth globally for crypto adoption by Chainalysis last year.

The South Asian nation boasts approximately 25 million active crypto users. Annual crypto transactions in the country amount to around $300 billion, making it one of the fastest-growing markets in the industry.

Pakistan’s demographics make it especially attractive for crypto expansion. About 60% of the population is under 30 years old, as noted by Finance Minister Muhammad Aurangzeb.

“Pakistan’s youth and technology sector are our greatest assets. Through partnerships like this, we are opening new doors for investment, innovation, and global leadership in the blockchain economy,” said Aurangzeb.

The agreement between WLFI and the Pakistan Crypto Council outlines several key initiatives. These include establishing regulatory sandboxes, exploring real estate tokenization, and strengthening the country’s crypto infrastructure.

Former Binance CEO Changpeng Zhao has also been appointed as an adviser to the Pakistan Crypto Council. He will help the country develop its approach to crypto regulation and innovation.

Pakistan’s Federal Investigation Agency proposed a regulatory framework for cryptocurrencies on April 10. The framework addresses terrorism financing, money laundering, and Know Your Customer controls.

This represents a major shift in Pakistan’s stance on cryptocurrencies. In May 2023, former finance minister Aisha Ghaus Pasha had stated the country would never legalize cryptocurrencies due to regulatory concerns.

WLFI’s Growing Institutional Presence

World Liberty Financial has been gaining traction with institutional players in the crypto space. On April 16, DWF Labs, a leading market maker and web3 investment firm, made a major investment in the platform.

DWF Labs purchased $25 million worth of WLFI governance tokens. This purchase was described as part of DWF’s U.S. expansion strategy.

The partnership includes plans to support WLFI’s DeFi products. One key product is the USD1 stablecoin, which is backed by U.S. Treasuries and cash equivalents.

According to data from Arkham, WLFI currently holds just over $102 million in cryptocurrency assets. These include 22.7 million USD Coin, $15.1 million in Wrapped Bitcoin, 13.9 million in Ethereum, and 9.93 million in Tron, among other assets.

World Liberty Financial was launched last year with backing from Donald Trump and his family. Reports indicate that the Trump family receives a portion of the platform’s profits.

The WLFI founders’ meeting with CZ in Abu Dhabi and their partnership with the Pakistan Crypto Council represent the latest steps in the company’s aggressive global expansion campaign.

Source: https://blockonomi.com/world-liberty-financial-signs-partnership-with-pakistan-crypto-council/