The World Liberty tokens, the digital tokens backing the Trump’s family’s cryptocurrency venture, World Liberty Financial, started trading on Monday.
Also called also called $WLFI, the tokens were sold to investors after their launch last year, but fell in value on their first day of trading. They initially traded for $0.30, but later fell about 12 per cent to $0.246, as per CoinGecko data, which also showed the token get a total market capitalisation of just below $7 billion, making WLFI the 31st largest crypto token in circulation.
The token is being offered on the platforms of some of the world’s largest cryptocurrency exchanges including Binance, OKX, and Bybit.
Back in July this year, investors in the World Liberty tokens voted to make them tradeable and paved the way for their sale and purchase. In their initial sale, however, the tokens were not made tradeable, instead giving rights to holders to make changes to the business, such as underlying code.
Also Read: US House clears bill regulating stablecoin
Making the tokens tradeable allows investors to determine their price, enabling speculation and earning trading fees for exchanges that list them. With the backing of US President Donald Trump, there has been growing interest in the token from crypto investors. In fact, the tokens are expected to grow in value on the backing of the President.
Since the World Liberty’s launch last year, the Trump family made around $500 million from the project, according to estimates by a leading press agency. Trump’s digital currency ventures, including his stablecoin, continue to draw criticism from Democratic lawmakers and government ethics experts who say the President’s role in reshaping regulatory framework that governs digital currencies clearly represents conflict of interest.
The White House, in the President’s defence, says Trump’s assets are in a trust managed by his children and that there are no conflicts of interest.
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