Justin Sun Buys $30 Million Worth Of Trump-Backed World Liberty Financial Tokens, Becoming Largest Investor To Date
After months of sluggish initial sales, the Trump familys decentralized finance (DeFi) project World Liberty Financial received a boost on Monday from none other than Justin Sun, the controversial China-born founder of the Tron blockchain.
World Financial Gets $30M Investment From Sun
Sun announced the big purchase of $30 million worth of World Libertys governance token, WLFI, to his 3.6 million followers on the X microblogging site.
We are thrilled to invest $30 million in World Liberty Financial as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to Donald Trump, Sun wrote. Tron is committed to making America great again and leading innovation.
Since being launched in mid-September, only around $20 million worth of the tokens had previously been sold, with investors keeping off due to the projects restricting sales to only non-US citizens and accredited U.S. investors and the fact that the tokens are non-transferable meaning users cannot sell.
The purchase means that Sun now controls a vast majority of the total WLFI tokens in circulation. Justins $30 million buy pushes total sales to around $52 million, which is still just 17% of World Libertys ambitious $300 million WLFI sale goal.
World Liberty, the decentralized finance (DeFi) platform backed by the President-elect and all three of his sons, seeks to provide decentralized borrowing and lending services.
The Monday investment means the Trump family can now start raking in profits. According to the WLFI gold paper, the upcoming presidents firm DT Marks DEFI LLC is entitled to about 75% of net revenues after the sale proceeds exceed $30 million, which it now has.
Trumps Crypto Ties
On the campaign trail, Trump famously made a slew of crypto promises, ranging from making the U.S. the crypto capital of the world and establishing a national Bitcoin reserve to ending the Securities and Exchange Commissions crackdown on crypto.
A recent report recently suggested that the Republican billionaire and his transition team are actively debating the possibility of creating a full-time White House position focused on crypto policy.
If created successfully, this would mark the first-ever White House-level job dedicated to the crypto sector.
Text source: ZyCrypto
