Outside Source
The strategic reserve aims to invest in the growth of Bitcoin, Ether and other cryptocurrencies “at the forefront of reshaping global finance.”
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US President Donald Trump’s blockchain platform launched a strategic reserve fund to back the growth of some of the biggest cryptocurrencies.
Trump’s World Liberty Financial (WLFI) decentralized finance platform unveiled the “Macro Strategy” fund for Bitcoin (BTC), Ether (ETH) and other cryptocurrencies “at the forefront of reshaping global finance.”
According to a Feb. 11 announcement, the fund aims to strengthen those projects and expand their roles in the evolving financial ecosystem:
“Together, we are building a legacy that bridges the worlds of traditional and decentralized finance, setting new standards for the industry.”
The fund aims to “enhance stability” by diversifying the platform’s holdings across a “spectrum of tokenized assets” to ensure a “resilient financial system” and to invest in “emerging opportunities within the DeFi landscape.”
Source: WLFI
The announcement comes three weeks after widespread speculation about the Trump family launching a “giant” business on Ethereum, according to Joseph Lubin, co-founder of Ethereum and founder of Consensys.
“Based on what I am aware of, the Trump family will build one or more giant businesses on Ethereum,” Lubin wrote. “The Trump administration will do what is good for the USA, and that will involve ETH.”
Lubin suggested that the Trump administration might eventually integrate Ethereum technology into government activities, similar to its current use of internet protocols.
Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt
Trump’s WLFI targets institutional TradFi partnerships
The Trump family’s DeFi platform will also be working toward more partnerships with traditional finance (TradFi) institutions, according to the announcement, which stated:
“In alignment with our mission to bridge traditional finance and decentralized finance, we are actively engaging with esteemed financial institutions to contribute tokenized assets to our reserve.”
It added that TradFi institutions partnering with WLFI’s new fund will gain public blockchain visibility and innovative marketing opportunities.
WLFI is set to release a comprehensive proposal for the Macro Strategy fund on its governance forum shortly.
Related: Bitcoin creator Satoshi Nakamoto may be wealthier than Bill Gates
Meanwhile, Bitcoin’s institutional adoption continues as the University of Austin is set to raise a first-of-its-kind Bitcoin fund worth over $5 million as part of the institution’s $200 million endowment fund, Cointelegraph reported on Feb. 9.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
This article first appeared at Cointelegraph.com News
