- Donald Trump-backed World Liberty Financial has confirmed the WLFI token and invited accredited investors to join its whitelist.
- The whitelist is a list of approved participants who will have access to the DeFi project’s listings or future offerings.
- With a month to go until the November US presidential election, Donald Trump's crypto coin is receiving plenty of media coverage.
Donald Trump, former US President and once again a presidential candidate for November’s election, is back in the news with his World Liberty Financial crypto coin. The DeFi project is reportedly endorsed by the Trump family and being built on the Ethereum blockchain.
Critics in the crypto ecosystem say the project is similar to the DeFi lending protocol Aave and that the associated ambassadors and executives have been associated with crypto projects previously.
World Liberty Financial made an official announcement to inform users of the open whitelist for accredited investors based in the US and overseas. An accredited investor is one who typically makes at least $200,000 per year in income and has a liquid net worth of at least $1 million. This means that only wealthy individuals can currently join the whitelist.
While the project uses the term “everyday American” to describe the users who can access the platform, the criteria limits the list to millionaire investors.
World Liberty Financial opens door to wealthy accredited investors
A whitelist helps users to get early access to the offerings of a project. Donald Trump-backed World Liberty Financial made the announcement through an official tweet on X:
A whitelist offers access to the project’s features and offerings for approved participants. The announcement reads:
While these whitelists are currently open to accredited investors in the US and all non-US persons, we are not turning our backs on the everyday American. Our mission is to bring financial freedom to everyone, no matter their background or bank balance.
The officials behind World Liberty Financial slam what they call outdated regulations in the US and say that they want all Americans to be able to use the platform in the future.
According to a Coindesk report, World Liberty Financial appears to be a fork of the recently hacked Dough Finance project. Both these projects rely on Aave protocol for lending and borrowing.
The team includes key members from Dough Finance, Zachary Folkman, Chase ‘Hero’ Herro, Octavian Lojnita, and another executive known by the pseudonym “0xboga”. The Coindesk report cites screenshots obtained from the since-deleted code for the project that shows striking similarities with Dough Finance.
The project recently confirmed its WLFI token in a Spaces conversation on X. The project’s governance token will be non-transferable and not earn yield, so these factors make it exempt from the SEC’s securities laws.
By limiting access to accredited investors, the project qualifies for the SEC exemption and traders await further information on where the token will be listed, how to buy it and what percentage of the token’s total supply will be sold to the public or investors.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Johann Kerbrat, Robinhood Crypto GM: “US regulation to be late compared to EU and Asia”
Johann Kerbrat is the Crypto General Manager at Robinhood, the trading app used by many US retail investors during the 2020 meme stock mania. FXStreet interviewed him at the European Blockchain Convention held in Barcelona, where he explained the plans for the company’s worldwide expansion.
1INCH price faces downturn after rejection at key resistance, negative on-chain metrics
1inch (1INCH) extends losses on Monday after being rejected from its key resistance level on Saturday. On-chain data further support the bearish outlook, as 1INCH’s Exchange Flow Balance is positive, and dormant wallets are in motion, suggesting a decline in the upcoming days.
Top dog-theme meme coins WIF, BONK, FLOKI: Double-digit gains on the horizon
The prices of top trending dog-theme-based meme coins, Dogwifhat, Bonk and FLOKI, hold gains on Monday after prices increased more than 20% last week. The technical outlook suggests that the bulls still have steam to push these three meme coins for extra double-digit gains.
Binance users earn Dogecoin and Bellscoin rewards through mining Litecoin
Binance Pool users can earn rewards in Bellscoin and Dogecoin, in addition to Litecoin rewards through merge mining. In Merge mining, miners contribute their computational resources to multiple blockchain networks simultaneously, this increases the earned rewards and benefits for users.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.