Trump’s Crypto Project Raises $220M in First Hour

Donald Trump’sWorld Liberty Financial (WLFI) made a splash by pulling in $220 million in sales within just its first hour of launching its crypto token. The project sold over 700 million WLFI tokens, leaving 19 billion still available.

Trump announced the token launch on X, formerly Twitter, stating that "Crypto is the future" and that it’s time to lead the world in this digital economy. The project is aiming to raise $300 million and plans to sell 20% of its token supply. The fully diluted valuation of WLFI is estimated at $1.5 billion, with 63% of tokens made available for sale on Tuesday, while the rest will go toward user rewards and team compensation.

The token launch was marked by a live stream on Monday, during which Zak Folkman, one of the project’s cofounders, highlighted that the project was inspired by Donald Trump’s vision. Folkman also mentioned that 100,000 people signed up for the whitelist since it went live on September 30. WLFI is designed as a governance token, allowing holders to vote on decisions shaping the future of the project. On Tuesday, World Liberty Financial released its "gold paper", listing Trump as Chief Crypto Associate, with Eric Trump and Donald Trump Jr. serving as Web3 Ambassadors.

The project presents itself as a movement to secure the future of the US Dollar in the digital age without relying on centralized Central Bank Digital Currencies (CBDCs). At the same time, Trump has gained a 16% lead over Kamala Harris in the latest US presidential election polls on Polymarket, with 58.1% odds in his favor compared to Harris’s 41.4%.

Harris, who has captured attention in the crypto space, did not mention digital assets during a speech on Monday but has pledged to support crypto regulation. Her campaign is promising to implement a regulatory framework to protect those who invest in cryptocurrency and other digital assets. Over 20% of Black Americans have owned or currently own crypto assets, according to Harris’s campaign. The team emphasized that their goal is to ensure that Black men and other investors benefit from regulatory protections in the digital asset market.

In her campaign speech, Harris stated her vision for an “opportunity economy”, where everyone has a fair chance to succeed. She emphasized the importance of creating an environment where people can not only survive but also thrive economically. Her campaign criticized Trump, claiming that his administration made life harder for Black men, while she aims to improve conditions with her policies.

Overall, the launch of Trump’s WLFI token marks a significant moment in the crypto world, and the project continues to attract attention as it develops, with Trump’s family playing key roles in its promotion and governance.