In a 13-page document released Thursday, World Liberty Financial, Donald Trump’s cryptocurrency venture, explained its goals and the distribution of tokens. It also revealed that the Republican presidential candidate and his family may receive 75% of net profits.
The Trump family will receive 22.5 billion “$WLFI” tokens, which are presently worth $337.5 million based on the price of 1.5 cents per token at launch this week, according to what World Liberty Financial, or WLF, calls the “World Liberty Gold Paper.”
Trump has spent months promoting his cryptocurrency project, which he originally dubbed “The DeFiant Ones,” a pun on the acronym DeFi, which stands for decentralized finance. Trump and Vice President Kamala Harris are in a virtual dead heat as the election approaches its final phases.
The WLFI coin was introduced on Tuesday, and according to a roadmap, the project aims to generate $300 million at a $1.5 billion valuation in its first sale. According to its website, just $12.9 million worth of the token had been sold as of Thursday.
The report, which was made public on Thursday, demonstrates that Trump and his family do not accept responsibility. The initiative and the tokens “are not political and have no affiliation with any political campaign,” according to the statement, which also states that none of them are directors, employees, managers, or operators of WLF or its affiliates.
A request for comment from WLF was not answered. A request for comment was not immediately answered by the Trump Organization, which was questioned by the Trump campaign.
Before releasing their currencies, cryptocurrency projects usually publish white papers that provide investors with an overview of the project’s objectives, mission, and planned token distribution. According to WLF’s report, three-quarters of the net protocol revenues will go to DT Marks DEFI LLC, a Delaware-based business associated with the former president.
WLF markets itself as a cryptocurrency bank that encourages users to lend, borrow, and invest in virtual currencies. “Any source, including without limitation platform use fees, token sale proceeds, advertising or other sources of revenue, after deduction of agreed expenses and reserves for WLF’s continued operations” is how the paper, which was made public on Thursday, defines net protocol revenue.
Of the first revenue, about $30 million is set aside to be kept in a reserve to pay for running costs and other debts.
Two of the co-founders, Chase Herro and Zachary Folkman, hold all of Axiom Management Group, or AMG, a Puerto Rico LLC, which will get the remaining 25% of net protocol revenue.
Folkman apparently assisted in the development of the cryptocurrency project Dough Finance and formerly owned a business called Date Hotter Girls. In addition to working on Dough, Herro started Pacer Capital, a cryptocurrency trading company that seems to be closed, ten years ago.
A third LLC, WC Digital Fi, an affiliate of Trump’s close friend and political donor, Steve Witkoff, and “certain of his family members” will receive half of AMG’s rights to net protocol earnings. Zachary, Witkoff’s son, is also named as a co-founder of the project.
Folkman has previously stated that the founding team, which includes the Trump family, will receive only 20% of WLF’s tokens. The projected coin distribution is broken out in the paper as follows: 35% of the total supply will go into the token sale, 32.5% will go for community growth and incentives, 30% will go toward initial support allocation, and 2.5% will go toward team and advisors.
These “anticipated token distribution amounts are subject to change,” the document states in the small print. Which categories include Trump and his family are unknown.
Trump is referred to as the “chief crypto advocate” in the report. All three of his sons are “Web3 ambassadors.”
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