Trump’s World Liberty Financial Founder Credits Justin Sun for Success

• Justin Sun invested $75 million in World Liberty Financial, helping the project surpass its fundraising goals.

• The WLFI token serves as both a governance and utility token but has limited voting rights and no economic entitlements.

World Liberty Financial, the Donald Trump-backed crypto initiative, has seen significant progress following a major investment from Justin Sun. The Chinese-born crypto entrepreneur initially invested $30 million in the project and later increased his investment to $75 million. He successfully assisted in overcoming the project’s slow beginning and attaining greater financing than expected.

Zak Folkman, co-founder of World Liberty, acknowledged that Sun’s support provided the impetus for token acceptance in the ongoing Consensus Hong Kong conference. At first, WLFI sales proved to be slow as the token was available only to foreign investors and qualified domestic investors. Nonetheless, Sun’s backing generated more interest, and thus, more people demanded the governance token.

WLFI Token Sale and Fundraising 

WLFI, World Liberty Financial’s governance token, hit the market in mid-October at $0.05. The project’s initial target was $30 million, but upon Sun’s investment, demand shot up. According to Bloomberg News, over 24 billion WLFI tokens have been sold, equivalent to more than 96% of the overall available supply. 14% of all tokens are still in circulation, and 86% of the tokens are still to be sold.

World Liberty Financial has also raised a new fund goal of $300 million, and the worth of the project has been estimated to be $1.5 billion. If achieved, this would put WLFI as one of the most successful initial coin offerings (ICOs) in history. Folkman stressed that there was no venture capital funding to support the project and the key sources of its funding were direct investments and partnerships.

However, with a growing rate of token sales, the possibility of further utilization of WLFI remains dubious. Unlike other cryptocurrencies, the offered tokens do not convey any economic claims on them, and the holders can only vote on changes in the platform. Also, WLFI cannot be traded or resold back to the platform, which creates some doubts as to its liquidity and further demand.

World Liberty Financial Expansion

When launched, World Liberty Financial aimed to be a lending market deployed on the Aave, which is the Ethereum-based decentralized finance protocol. However, Folkman has pointed out that the initiative has gone a notch higher than the observed conception. It is now in the process of diversifying with more products and applications based on the blockchain financial system.

As part of its diversification plan, WLF has also invested $10 million in TRX, the cryptocurrency of Sun’s TRON blockchain and WBTC, which is linked to Sun. This diversification enhances the collaboration between the two crypto platforms and orients the project toward successful blockchain systems.

It has been rumoured that the platform is involved in marketing incentives for crypto firms. Allegedly, companies that buy WLFI tokens and pay some extra for the service to be included in World Liberty can attract more people to buy those tokens.

Folkman dismissed any official participation in such deals by admitting that they were performed by unauthorized persons. World Liberty Financial keeps on gaining interest from investors and the public because of its high-profile backers and ambitious goals.