Outside Source
Key Takeaways
- Justin Sun is appointed as an advisor to World Liberty Financial after a $30 million investment.
- World Liberty Financial initially planned to raise $300 million at a $1.5 billion valuation.
Share this article
Justin Sun, the founder of the Tron blockchain, has joined World Liberty Financial (WLFI), the DeFi venture backed by Donald Trump and his sons, as an advisor, the project shared in a Tuesday statement.
🦅☀️ Exciting Announcement! ☀️🦅
We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)!
Justin is the founder of @TRONDAO, an advisor to @HTX_Global, and a supporter of @BitTorrent. A graduate of the University of Pennsylvania, he recently won… pic.twitter.com/wJD24nztab
— WLFI (@worldlibertyfi) November 26, 2024
The announcement comes after Sun purchased $30 million worth of WLFI tokens, the platform’s governance token that allows holders to participate in various DeFi activities like borrowing and lending.
The investment not only positions Tron’s founder as the largest shareholder in World Liberty Financial (WLFI) but also boosts total token sales to $52 million. Prior to Sun’s investment, the platform had sold $21 million worth of WLFI tokens to non-US and qualified US investors.
However, this is still well below the venture’s initial target. WLFI aimed to raise $300 million at a valuation of $1.5 billion, with proceeds intended to fund development phases and a stablecoin-focused credit card.
Despite that, the milestone allows the Trump family to start benefiting financially from their involvement in the venture.
According to the project’s white paper, once WLFI surpasses $30 million in sales, Donald Trump’s company, DT Marks DEFI LLC, will receive 75% of net revenues.
Sun, a University of Pennsylvania graduate, founded TRON, which is among the top 10 digital assets by market value. He recently made headlines for acquiring the renowned banana artwork at a Sotheby’s auction.
Share this article
This article first appeared at Crypto Briefing
