The World Liberty Financial site displayed on a mobile device in New York, USA, on Wednesday, February 12, 2025.
President Donald Trump’s World Liberty Financial cryptocurrency initiative announced on Monday that it secured $250 million from its second token sale, raising the total sales figure to $550 million.
WLFI, a venture supported by the first family and described as a kind of crypto banking service, launched in October, shortly before Trump’s electoral victory. In documentation released during its launch, WLFI indicated that the Trump family could receive 75% of net revenue.
In the Monday announcement, WLFI reported that over 85,000 participants completed know-your-customer verification to participate in the token sale. Co-founder Zach Witkoff, whose father is billionaire U.S. envoy Steve Witkoff, was quoted in the announcement stating, “WLFI is on track to supercharge DeFi,” referring to decentralized finance.
In January, Justin Sun, founder of the Tron blockchain, increased his investment in WLFI tokens to $75 million. A court filing the next month revealed that Sun and the SEC were seeking a resolution regarding the regulatory body’s civil fraud case against the crypto entrepreneur.
WLFI is one of several cryptocurrency projects initiated by the Trump family, coinciding with the president’s promotion of a crypto-friendly agenda. Earlier this month, President Trump signed an executive order to create a Strategic Bitcoin Reserve.
A memo from the White House last week indicated that David Sacks, the Trump administration’s AI and crypto czar, divested over $200 million in digital asset-related investments both personally and through his firm, Craft Ventures, prior to assuming his role. Sacks noted in a podcast that he “didn’t want to even have the appearance of a conflict.”
At the end of February, the SEC announced that meme tokens do not qualify as securities. This declaration came after the president and First Lady Melania Trump introduced their own meme coins in the lead-up to the inauguration.