Trump Launches Crypto Platform, But Sales Fall Short of Expectations
Date: 2024-10-16 Author: Henry Casey Categories: BUSINESS
On the first day of sales, only a small portion of the tokens on offer found buyers. The platform, called World Liberty Financial, was announced in mid-September when Trump, his sons, and a number of entrepreneurs announced their creation.
The company offered about 20 billion digital tokens for sale at 1.5 cents each, raising a total of $300 million. However, as of Tuesday evening, only three percent of the total had been sold. These tokens can be used as cryptocurrencies and give buyers a say in how the platform is run.
Many analysts attribute the low sales volumes to technical issues that plagued the company’s website, which crashed throughout the day. World Liberty Financial also offers users the ability to borrow and lend cryptocurrency, a common service on many platforms, including Aave.
During his presidency, Trump called cryptocurrencies a scam, but he has recently reversed his stance and is now billing himself as a “pro-Bitcoin president” if elected in November.
