Key Takeaways
- Tron (TRX) founder Justin Sun has purchased $30 million worth of WLFI, the native cryptocurrency of the Trump-owned decentralized finance (DeFi) project World Liberty Financial, becoming its largest investor.
- An Ethereum wallet linked to HTX exchange, a crypto trading platform owned by Sun, was tagged on Etherscan with a purchase of 2 billion WLFI at $0.015 per token.
- WLFI, launched in October, aims to raise $300 million from its 20 billion token pre-sale program. However, its price has seen sluggish growth due to token sales being limited to non-US and US-accredited investors and being a non-transferable asset.
- Sun’s massive investment entitles Trump and his family to 75% of the project’s net revenues as it has reached the $30 million milestone. Last month, World Liberty Financial partnered with Paxos to develop and launch a US dollar-denominated stablecoin.
Justin Sun, the founder of the Tron (TRX) blockchain, has become the largest investor in the U.S. President-elect Donald Trump’s crypto project – World Liberty Financial – after purchasing $30 million worth of the DeFi protocol’s native WLFI token.
HTX Exchange Boss Justin Sun Invests $30 Million To Purchase 2 Billion WLFI Tokens
The crypto entrepreneur confirmed the investment in an X post on November 25: “TRON is committed to making America great again and leading innovation”, he wrote. Sun also noted that under President Trump, the U.S. is “becoming the blockchain hub, Bitcoin owes it to @realDonaldTrump!”.
Before his post, Etherscan tagged a wallet belonging to the Sun-owned cryptocurrency exchange HTX, formerly Huobi, acquiring 2 billion WLFI at $0.015 per token.
World Liberty Financial has had a sluggish sales performance since its launch in mid-October. Investors were put off by the project’s restriction on token sales to non-US persons and US-accredited investors. Moreover, the tokens are non-transferable, meaning they can’t be sold.
World Liberty Financial calls itself a movement to help secure the future of the U.S. dollar in a digital world “without succumbing” to the centralized control of central bank-issued digital currencies (CBDCs). The project lists Trump as its “chief crypto associate,” while his sons Eric Trump, Donald Trump Jr., and Barron are listed as its “Web3 Ambassadors.”
WLFI attracted $220 million within the first hour of its launch but has since only raised $20 million from token sales. Sun’s investment has pushed the number to $52 million, accounting for only 17% of World Liberty Financial’s ambitious target of raising $300 million through token sales. So far, 3.48 billion WLFI has been sold, with 16.52 billion WLFI remaining.
Sun’s Investment Entitles The Trump Family To 75% Net Revenue From World Liberty Financial
However, Sun’s purchase means that Trump and his family will begin receiving payments as mentioned in the project’s “gold paper”. According to the white paper, the President-elect’s decentralized finance company, DT Marks DEFI LLC, is entitled to 75% of net revenues after the project raises $30 million, a milestone it reached following the Tron founder’s investment.
Last month, World Liberty Financial announced plans to launch its own USD stablecoin. The project has reportedly raised $14 million to develop and launch a cryptocurrency backed by the U.S. dollar. Rich Teo, the co-founder of stablecoin issuer Paxos, will be leading the initiative and WLF is currently working on how to make the token safe for investors.
Paxos powers the stablecoins Pax Dollar (USDP) and PayPal USD (PYUSD) – a dollar-denominated crypto-token issued by the company for payments service provider PayPal.
Speaking to crypto news outlet Cointelegraph, World Liberty Financial co-founder Zak Folkman said that Sun’s “sizable purchase” of WLF tokens underscored the early success of the project. He also noted that WLFI has had “significant purchases” in recent weeks and the team is confident in its future success as it builds a decentralized platform that promotes “freer and fairer finance”.
Tron Founder Spends $6.2 Million On The Famous Banana Tapped To A Wall Art Piece
Justin Sun has been dominating the headlines over the past week. On November 21, it was revealed that he paid $6.2 million at a Sotheby New York auction for Maurizio Cattelan’s infamous artwork “Comedian”, consisting of a banana tapped to a wall. After the purchase, Sun wrote in an X post that it was not just an artwork, but a “cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community”.
The Comedian is literally a fresh banana stuck to the wall with duct tape. The artwork’s owner is given instructions on how to replace the fruit as it rots and tape as needed, alongside a certificate of authenticity to call it Comedian.
At the time of writing, Tron (TRX) is trading at $0.2006 – down 4.15% in the last 24 hours.
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