World Liberty Financial, a Cryptocurrency Project Backed by President-elect Donald Trump, Purchased Ethereum ETH/USD Worth $10 Million on Wednesday

What Happened: According to on-chain tracking platform Lookonchain, World Liberty Financial spent $10 million worth of stablecoin USD Coin USDC/USD to buy 2

World Liberty Financial, a cryptocurrency project that is backed by President-elect Donald Trump, purchased Ethereum (CRYPTO: ETH) to the tune of $10 million on Wednesday, according to data from Lookonchain.

The World Liberty Multisig wallet purchased 2,631 ETH at a per-unit price of $3,801, with the funds being converted from USD Coin (CRYPTO: USDC).

The total ETH holdings of the project now stand at around 14,571, which is valued at over $56 million at the current market price.

In addition to Ethereum, on-chain data also showed that the project also bagged $1 million in Chainlink (CRYPTO: LINK) and $1 million in Aave (CRYPTO: AAVE).

The World Liberty Financial team did not immediately return a request from Benzinga for clarification on these purchases.

Trump's World Liberty(@worldlibertyfi) is buying $ETH, $LINK and $AAVE!

In the past 9 hours, the World Liberty Multisig wallet spent 10M $USDC to buy 2,631 $ETH at $3,801, 1M $USDC to buy 41,335 $LINK at $24.2, and 1M $USDC to buy 3,357 $AAVE at $297.8.

World Liberty Financial, a cryptocurrency project that was launched in September, is being promoted as a money market that will allow users to borrow, lend, and earn interest on cryptocurrencies.

The WLFI token would serve as the platform's governance token, enabling users to engage in borrowing, lending, and other DeFi activities.

Initially targeting a $300 million raise through the token presale, the platform reduced its goal to $30 million in October due to limited demand.

As of this writing, the project has raised $55.69 million, according to a Dune Analytics dashboard, which was bolstered by a $30 million investment by cryptocurrency mogul Justin Sun, who eventually became the project’s advisor.

Trump and his family have aggressively promoted the project, and a firm associated with the President-elect, DT Marks DEFI, LLC, would receive 75% of the protocol revenues.