Justin Suns Tron network invests $30 million in Trump family-backed World Liberty Financial
Tron has invested $30 million in World Liberty Financial (WLFI), the decentralized application backed by President-elect Donald Trumps family.
Tron founder Justin Sun said in a social media post on Nov. 25 that TRON has become the largest WLFI investor. Sun added:
The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Lets go!
WLFI said the investment will help drive innovation with Sun by aligning on a vision for a stronger blockchain future.
Boosting US-dollar pegged stablecoins
WLFI has partnered with leading money market Aave to develop an application that would help drive mass adoption of US-pegged stablecoins. In addition to the President-elect, his three sons also support the project.
According to the Trump family-backed project, stablecoins can help preserve US financial leadership by ensuring the dollar remains the global settlement layer.
The protocol stated in a Sept. 4 statement:
We want US-pegged stablecoins to remain the worlds settlement layer for the next 100 years.
On Sept. 30, the WLFI opened its whitelisting process for interested investors who wanted exposure to the protocol. However, due to the regulatory landscape in the US, retail investors based in the country were left out.
Two weeks following the whitelisting availability, the WLFI team revealed they added 100,000 interested accredited investors.
Notably, the website crashed twice when WLFI opened its token pre-sale, which raised roughly $8 million on the first day.
Despite Suns investment, WLFI has only raised a little over $51 million, significantly short of its initial $300 million goal.
The post Justin Suns Tron network invests $30 million in Trump family-backed World Liberty Financial appeared first on CryptoSlate.
Text source: CryptoSlate
