HONG KONG — World Liberty Financial, a cryptocurrency initiative supported by Donald Trump, attributes a significant portion of its early achievements to Justin Sun, a Chinese-born crypto billionaire who purchased $30 million in WLFI tokens and became an official advisor, as stated by co-founder Zak Folkman.
Folkman shared in a recent CoinDesk panel, “The aim of the initiative is to foster a connection between conventional financial systems and decentralized finance.”
Initially, the Trump-backed WLFI struggled with sales, not meeting its $30 million fundraising goal, as the token was only available for non-U.S. and accredited U.S. investors.
However, Sun’s involvement drastically shifted the project’s trajectory. Folkman remarked, “He recognized that, irrespective of the outcome, this initiative represents a significant advancement for the entire crypto sector.”
When Trump presented World Liberty Financial with his sons in October, they described it as a lending platform based on Aave, a widely-recognized decentralized finance protocol. Though the platform has yet to launch, Folkman indicated that World Liberty is working on a comprehensive suite of products and applications.
World Liberty Financial is now associated with WLFI, the governance token auctioned shortly after the project was announced.
Folkman noted the tense environment during the project’s launch, given the high level of scrutiny.
Following Sun’s substantial endorsement, Folkman noted, “Everything kind of snowballed from there,” leading World Liberty to surpass its initial fundraising target and ultimately establish a new one. If this new target is achieved, WLFI is on track to become the fourth-largest initial coin offering (ICO) in history.
Folkman emphasizes that WLFI’s success is remarkable as it experienced “no venture capital backing and no preferential treatment for token purchasers.”
Following his investment, Sun transitioned to become an official investor in World Liberty. The initiative also acquired $10 million in TRX tokens, associated with Sun’s TRON blockchain, and WBTC, a bitcoin derivative linked to Sun.
Earlier in February, Blockworks reported that World Liberty was exploring arrangements with cryptocurrency teams, proposing to add companies’ tokens to its portfolio if they purchased WLFI tokens and paid a fee, an effective marketing strategy for emerging crypto tokens.
Folkman commented on these reports, stating, “The individual claiming to represent us was not affiliated with our organization.”
