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Home CRYPTO

This is Why Nobody Cares About Donald Trumps Crypto Project; 90% Fundraising Cut

by Sham
October 31, 2024
in CRYPTO, DEFI
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  • Donald Trump’s crypto business World Liberty Financial slashed its fundraising goal from $300 million to $30 million after lackluster sales of its WLFI token.
  • The change raises the possibility that Trump may not quickly see a big payday from World Liberty Financial, as his company DT Marks DEFI LLC will only get paid after World Liberty Financial amasses a $30 million war chest.
  • World Liberty Financial’s wallet has received just over $14 million worth of cryptocurrencies from investors buying WLFI tokens since its mid-October launch.

World Liberty Financial, the crypto business tied to Donald Trump, has slashed its fundraising goal by 90% after its WLFI token saw weak demand. The company now aims to raise just $30 million, down from an initial target of $300 million.

JUST IN: 🇺🇸 Donald Trump’s crypto project @worldlibertyfi has reduced its fundraising goal by 90% from $300 million to $30 million after weak $WLFI token sales pic.twitter.com/bbrlHDOBtf

— BlockNews.com (@blocknewsdotcom) October 31, 2024

Revised Fundraising Plan

An SEC filing on October 30th revealed World Liberty Financial intends to “terminate” WLFI sales after reaching $30 million. This is a huge reduction from the $300 million the business originally sought to raise from investors through its token offering.

Slow Sales So Far

World Liberty Financial has struggled to meet even its lowered goal. Since launching in mid-October, the project’s wallet has taken in around $14 million worth of crypto from investors buying WLFI tokens. After a brief spike in activity, demand quickly dried up.

Investor Concerns

The lackluster demand likely reflects investors’ worries about World Liberty Financial’s fundamentals. As Galaxy Digital noted, WLFI lacks mechanisms to accrue value. It is a governance token for a protocol that does not yet exist.

Availability Slashed

An October 30th SEC filing said World Liberty Financial has up to $288 million in “nontransferable digital tokens” available for sale. However, the filing said “The company currently only plans to sell tokens up to $30M in the offering before terminating sale.”

No Payday Yet for Trump

The weak sales suggest former President Trump may have to wait to receive any significant payout from World Liberty Financial. A Trump-owned entity is due 75% of “net protocol revenues” but only after the business amasses a $30 million reserve.

coindesk.com

Unclear Plans

What exactly World Liberty Financial aims to be remains unclear. Its website points to a portal for crypto investments. There has also been talk of launching a lending platform. For now, the business is falling far short of its fundraising goals.

Tags: Donald TrumpGalaxy DigitalsecWLFIWorld Liberty Financial
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