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 and TRON blockchain founder Justin Sun.
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World Liberty Financial collaborates with Justin Sun for a major token exchange.
According to blockchain data analysis company Nansen, the digital wallet associated with elected president World Liberty Financial exchanged all of its 103 cbBTC tokens for WBTC in operations on Wednesday.
Wrapped Bitcoin bridges the gap 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 be 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 $6.2 million. Last November, he invested $30 million in World Liberty Financial, becoming an advisor to the project.
His involvement seems to have pushed the World Liberty Foundation toward a financial threshold, allowing Trump to potentially profit from the enterprise, with the Trump family possibly receiving at least $15 million in income according to the terms listed in the World Liberty Foundation's "gold paper."
The recent token exchange occurred after 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, which specializes in tokenization.
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