World Liberty Financial, a cryptocurrency project backed by Donald Trump and his family, spent $44.75 million acquiring multiple cryptocurrencies since November 30, according to Lookonchain.
WLFI's Crypto Market Activities
According to Lookonchain and Arkham Intelligence, WLFI steadily increased its investments. Highlights include $30 million in Ethereum and $10 million in Coinbase Wrapped Bitcoin. Recently, the project purchased $250,000 worth of Ondo and $500,000 worth of Ethena. WLFI also bought $2 million each of Chainlink and Aave. The bulk of these investments occurred on December 12, when WLFI spent $10 million on 2,631 ETH. A pivotal moment for WLFI came when Justin Sun, the founder of Tron, invested $30 million, positioning him as the project's largest investor.
Mystery of the Project
Despite its high-profile backers and substantial investments, World Liberty Financial remains somewhat mysterious. The project claims to focus on stablecoin payments, borrowing and lending services, and liquidity pools, but detailed plans or use cases are yet to be disclosed. Nonetheless, the project's activities and significant backing suggest it could play a growing role in the crypto space.
Trump and Cryptocurrencies
Donald Trump’s involvement in WLFI marks a stark contrast to his earlier skepticism toward cryptocurrencies. In recent years, Trump has shifted to a pro-crypto stance, promising to make the U.S. a 'crypto capital' and calling for the creation of a national Bitcoin reserve. In a keynote speech at a Bitcoin conference in July, Trump emphasized the need for crypto-friendly regulations crafted by industry advocates. His recent electoral win has fueled expectations of a friendlier regulatory environment for the industry. Additionally, Trump has appointed pro-crypto figures to key roles, such as Paul Atkins as chair of the SEC and former PayPal executive David Sacks as crypto and AI czar.
Given its ongoing activities and backing, World Liberty Financial may exert even greater influence in the crypto space. Under Donald Trump's guidance, it seems poised to set a new course for cryptocurrency regulation in the U.S.
