- The Trump-affiliated World Liberty Financial initiative will receive advice from cryptocurrency millionaire Justin Sun.
- On Monday, the founder of TRON contributed $30 million to the initiative.
The Aave fork, World Liberty Financial, is supported by the friends and family of President-elect Donald Trump.
The announcement was made a day after onchain data showed that HTX, the cryptocurrency exchange that was formerly known as Huobi and is closely linked to Sun, had invested $30 million in World Liberty.
As World Liberty Financial’s largest investor, we are delighted to provide $30 million. Thanks to @realDonaldTrump, Bitcoin is becoming the blockchain hub in the United States! TRON is dedicated to leading innovation and restoring America’s greatness.
One of Trump’s biggest forays into the cryptocurrency space to date is World Liberty Financial, a decentralized lending platform that was introduced in September 2014. The future U.S. president, who was once skeptical, has recently sided with cryptocurrency interests and indicated that he will loosen the strict regulations on digital assets in the nation.
Despite being much awaited, World Liberity’s governance token auction has not gone well. Due to poor support, the project’s original goal of selling $300 million worth of tokens was rolled back to $30 million in late October.
Prior to Sun’s acquisition on Monday, World Liberty only sold $21 million worth of WLFI tokens, per the most recent filings.
Only eligible U.S. investors and non-U.S. investors were allowed to purchase.
In terms of market capitalization, Tron is among the biggest blockchains. Before being introduced on the native Tron network, TRX coins were first introduced using the ERC-20 token standard. On Tuesday, the token’s decline was roughly 4.6%.
According to World Liberty’s release, Sun recently paid $6.2 million at a Sotheby’s auction for a conceptual artwork of a banana duct taped to a wall.
Sun graduated from the University of Pennsylvania, Trump’s alma mater.
In recent weeks, Sun’s investment has been accompanied by “a number of similarly significant purchases,” according to Zak Folkman, co-founder of World Liberty. Whether the firm will hire more advisors is unknown.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
