On Thursday, a detailed document revealed the mission and allocation of the crypto token to Donald Trump’s family. The Republican presidential nominee and his family are expected to take 75 percent of the net revenue of the World Liberty Financial (WLF) crypto project.
The 13-page document called “World Liberty Gold Paper” stated that 22.5 billion “$WLFI” tokens would be given to the Trump family, 75 percent of the net protocol revenue. The remaining 25 percent will be given to Axiom Management Group (AMG), an LLC registered in Puerto Rico. Chase Herro and Zachary Folkman, the crypto project’s co-founders, own AMG.
The tokens were launched this week at 1.5 cents per token. On Tuesday, the project said it wanted to raise $300 at a $1.5 billion valuation. Based on this price, the Trump family’s tokens are currently valued at $336.5 million. The website also said it sold $12.9 million of the token on Thursday.
The Thursday document also stated that the Trump family will assume no liabilities. Donald Trump is called “the chief crypto advocate,” his three sons, Eric, Donald Jr., and Barron, are called “Web3 ambassadors.”
The website states that Donald Trump’s role has mainly been promoting the company on social media. It says that Trump “will be entitled to receive significant fees.”
World Liberty Financial described itself as a “nascent” decentralized finance platform. It will let customers borrow and/or lend against specific digital tokens, including Ethereum and stablecoins such as Tether and USDC.
The report also said that the platform and its WLFI tokens were not political or affiliated with any political party.
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