World Liberty Financial, Backed by Trump Family, Swaps $10M of Coinbase's Wrapped Bitcoin for WBTC

World Liberty Financial has been making moves on-chain, having purchased millions of dollars worth of the cryptocurrency involved in its partnerships or integrations

World Liberty Financial, a venture backed by the family of US President-elect Donald Trump, has swapped 102.9 wrapped bitcoin (cbBTC) for an equivalent amount of wrapped bitcoin (wBTC). The swap was valued at around $10.4 million at the time.

World Liberty Financial has been actively purchasing various cryptocurrencies in recent weeks, including Aave (AAVE), Ethena (ENA), and Chainlink (LINK) tokens. The company has also been swapping large amounts of cbBTC, a token pegged to the price of bitcoin that is used to facilitate cross-chain swaps.

Earlier today, a California court ruled that Justin Sun-backed BiT Global's claims can be dismissed and that Coinbase can proceed with the delisting of Wrapped Bitcoin (wBTC) from the exchange.

Coinbase had removed the token from its exchange listings due to Sun's association with BiT Global and Tron's ecosystem, despite the former having no direct custody over wBTC. However, a last-minute effort by Sun saw the exchange pausing the delisting process.

CoinDesk reported that additional participation by Sun would help improve wBTC prospects, given Tron's global market leadership, according to Robert Liu.

“More than 50% of the world's market share and over $60 billion of stablecoin assets are circulating on the Tron blockchain, which demonstrates the reliability and success of Tron,” added Liu.

However, critics say that Sun's reputation and past allegations of misconduct are at odds with the platform's goals. Tron's high turnover rate and integration with stablecoin ecosystems have been a point of contention, with some supporters viewing it as a strength.