Donald Trump's cryptocurrency plan has made significant progress, World Liberty Financial (WL) has exchanged approximately $10 million worth of Wrapped Bitcoin (WBTC) for tokens associated with project advisor, TRON blockchain founder Justin Sun.
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World Liberty Financial collaborates with Justin Sun for major token exchange
According to blockchain data analysis firm Nansen, the digital wallet associated with elected president World Liberty Financial converted all 103 cbBTC tokens it held into WBTC during Wednesday's operations.
Wrapped Bitcoin serves as a bridge for Bitcoin (BTC) holders to participate in decentralized finance (DeFi) activities on the Ethereum (ETH) blockchain, allowing more people to engage in the DeFi ecosystem.
Although World Liberty has been marketed as a decentralized finance lending platform, it has yet to become operational as it is still in the early stages of development and WLF token presale.
Justin Sun is a cryptocurrency entrepreneur known for his high-profile investments and attention-grabbing moves, including purchasing a banana taped to a wall for $6 million. Last November, he invested $30 million into World Liberty Financial, becoming an advisor for the project.
His involvement seems to have pushed the World Liberty Foundation towards a financial threshold, potentially allowing Trump to profit from the enterprise, with the terms listed in the World Liberty Foundation’s "gold paper" suggesting the Trump family could receive at least $15 million in income.
The recent token exchange occurred following World Liberty's early cryptocurrency acquisitions, including significant investments in Aave (AAVE) and Chainlink (LINK). Additionally, Nansen's data indicates that the project’s wallet received approximately $250,000 worth of ONDO, a token issued by Ondo Finance, a company specializing in tokenization.
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