Trump Family Crypto (some details):
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- The team behind World Liberty Financial, the Trump family’s new crypto project, have unveiled a key detail: Who can buy the forthcoming tokens it plans to release, and how shares will be allotted.
- Twenty percent of the project’s tokens will be allotted to the founding team, 17% of tokens will be set aside for user rewards, and the remaining 63% of the coins will be available for the public to purchase.
Lofty goals set by those involved in the project on Monday night’s X space suggest that World Liberty Financial will be a sort of crypto banking platform, where the general public will be encouraged to borrow, lend and invest in crypto.
There will also be an accompanying token called WLFI, founders said Monday.
The equity structure for these tokens will be that 20% of the project’s tokens are allotted to the founding team, which includes the Trumps, 17% of tokens are set aside for user rewards, and the remaining 63% of the coins will be made available for the public to purchase, said founder Zak Folkman.
There will be no pre-sales or early buy ins, Folkman added.
An earlier leaked draft of an internal project outline had the founders’ share at 70%, sparking concerns that the project would be little more than a get-rich-quick scheme.
The token will be a Reg D token offering, which follows the Securities and Exchange Commission’s Regulation D — a provision that makes it possible for a company to raise capital without first registering their securities with the commission so long as certain conditions are met.
... Witkoff, a real estate investor, and Eric Trump,
executive vice president of the Trump Organization, are the two people calling the shots at World Liberty Financial, according to a person familiar with the project. Both are new to the crypto industry ..."
