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Cryptocurrency News Articles
Donald Trump's crypto project, World Liberty Financial, published a 13-page document Thursday that described its mission and how tokens can be allocated, and that indicated that the Republican presidential nominee and his family could take home 75% of
Oct 18, 2024 at 04:39 am
In what it calls the "World Liberty Gold Paper," World Liberty Financial, or WLF, said the Trump family will receive 22.5 billion "$WLFI" tokens
Republican presidential nominee Donald Trump and his family could take home 75% of net revenue from his crypto project, according to a 13-page document published by World Liberty Financial on Thursday.
The document, which is called the "World Liberty Gold Paper," describes the mission of Trump's crypto project and outlines how tokens will be allocated.
According to the document, the Trump family will receive 22.5 billion "$WLFI" tokens, which are currently valued at $337.5 million, based on the price of 1.5 cents per token at launch this week.
The document also states that Trump and his family assume no liability and that none of them are directors, employees, managers or operators of World Liberty Financial or its affiliates.
The project and the tokens "are not political and have no affiliation with any political campaign," the document adds.
Neither World Liberty Financial nor the Trump campaign immediately responded to a request for comment.
Crypto projects typically release white papers before they launch their coins, offering a guide so that investors can learn more about the mission, goals and how future tokens get allocated.
In the case of Trump's crypto project, the document outlines how a Delaware-based company named DT Marks DEFI LLC, which is connected to the former president, is set to receive three-quarters of the net protocol revenues.
World Liberty Financial bills itself as a crypto bank where customers will be encouraged to borrow, lend and invest in digital coins.
The document released Thursday defines net protocol revenue as income to WLF from "any source, including without limitation platform use fees, token sale proceeds, advertising or other sources of revenue, after deduction of agreed expenses and reserves for WLF's continued operations."
Some $30 million of the initial revenue is earmarked to be held in a reserve intended to cover operating expenses and other financial obligations.
The remaining 25% of net protocol revenue is set to go to Axiom Management Group, or AMG, a Puerto Rico LLC wholly owned by Chase Herro and Zachary Folkman, two of the co-founders.
Folkman previously had a company called Date Hotter Girls and reportedly helped develop crypto project Dough Finance. Herro worked on Dough and launched another crypto trading business a decade ago called Pacer Capital, which appears to be now defunct.
AMG has agreed to allocate half of its rights to net protocol revenues to a third LLC called WC Digital Fi, which is an affiliate of Trump's close friend and political donor, Steve Witkoff, as well as to "certain of his family members."
Witkoff's son, Zachary, is also listed as one of the co-founders of the project.
Folkman previously said just 20% of WLF's tokens would be allotted to the founding team, which includes the Trump family. The paper spells out the breakdown of anticipated coin allocation, with 35% of total supply allocated to the token sale, 32.5% to community growth and incentives, 30% to initial support allocation, and 2.5% to team and advisors.
The document specifies in the fine print that these "anticipated token distribution amounts are subject to change." It's unclear which categories include Trump and his family.
The paper calls Trump the "chief crypto advocate." His three sons are all "Web3 ambassadors."
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