Donald Trump-backed crypto project World Liberty Financial has raised $5 million in a token sale, 1.7% of its target.
Observers noted glitches on the project's website due to the influx of participants.
At the time of writing, ~$4 million worth of Ethereum, ~$1.2 million worth of USDT, and ~$0.25 million worth of USDC have been transferred to the World Liberty Financial wallet.
The goal is to raise $300 million at a valuation of $1.5 billion by issuing 100 billion WLFI on the Ethereum blockchain.
The number of asset owners reached 2985.
WLFI is a governance token for the platform, allowing users to participate in borrowing, lending, and creating liquidity pools. The product is promised to be “more convenient and accessible” for the user.
According to the white paper, the distribution of WLFI will be as follows:
62.66% of tokens will be distributed through a token sale, and part of the net proceeds from the sale will go to the reserve fund of the project's multisig wallet;
17.33% of WLFI will be used to encourage participation in World Liberty governance and community development initiatives;
The remaining 20% of the tokens will be distributed to the team, advisors, and future employees. An undisclosed portion of WLFI will be allocated to the WLF Foundation, affiliates of the Trump Organization, and the Witkoff Group.
In September, the Trump family officially presented their cryptocurrency project, World Liberty Financial.
Later, the team opened KYC for token sale participants. Due to regulatory restrictions, participation in the campaign is only available to accredited investors. Their number reached 100,000 before the presale.
Recall that in August, Trump announced a plan designed to help strengthen the US leadership position in the cryptocurrency sector.
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