Trumps to Get 75% of World Liberty Financial Profits
Date: 2024-10-18 Author: Gabriel Deangelo Categories: BUSINESS
The Trump family firm DT Marks DEFI will gain control over 22.5 billion governance tokens on the WLFI platform, valued at $337.5 million at an initial price of 1.5 cents per token. The remaining 25% of the proceeds will go to Axiom Management Group, owned by project co-founders Chase Herro and Zachary Folkman.
According to the project’s plans, it is expected to raise $300 million during the token sale, which will value WLF at $1.5 billion. By the end of this week, the project had raised $12.9 million, of which $5 million came in the first hour of the presale.
Despite the Trumps’ involvement, they will not be directly responsible for the project’s management, as they do not hold any official positions at World Liberty Financial. The project and its tokens are not associated with political activity. WLF plans to operate as a crypto bank offering users loans, credits, and investments in digital assets.
The project’s net profit will be calculated as revenue generated from various sources, such as platform usage fees, token sales, advertising, and other services, minus operating expenses and reserves for continuing operations.
About $30 million of the funds raised will be set aside to cover WLF’s operating expenses and other obligations. According to the white paper, the distribution of WLFI tokens will be as follows:
62.66% of tokens will be sold through a token sale, with a portion of the net proceeds going to a reserve fund; 17.33% of the coins will be used to incentivize participation in platform governance and community development; the remaining 20% will be distributed among the team, advisors, and future employees, as well as allocated to the project fund and partners.
World Liberty Financial was officially introduced by the Trump family in September. Later, a KYC process was launched for token sale participants, with access granted only to accredited investors. The number of such investors reached 100,000 at the time of the pre-sale.
Earlier, in August, Donald Trump announced the development of a plan to strengthen the US position in the global crypto industry.
