World Liberty Financial, a cryptocurrency platform backed by Donald Trump, has announced a whitelist of the future participants of the project who will have access to its listings or future offerings.
With the US presidential election campaign nearing its climax, every minute development on the Trump-backed World Liberty Financial will have varied effects on the market.
What is World Liberty Financial (WLFI)?
World Liberty Financial (WLFI) is a cryptocurrency platform that stresses the trade of stablecoins pegged to the US dollar. You can borrow, lend, and trade various stablecoins by exchanging its native token WLFI. The Trump family is the chief promotor of the WLFI tokens.
The launch of the World Liberty Financial platform has given rise to many controversies in the realm of the upcoming US presidential elections. Some people believe that Trump’s strategic launch of the WLFI tokens at this time can be seen as part of his strategy to attract digital currency users and advocates. Trump is already famous for his love for digital assets.
Even though it is unprecedented, such a business launch by a candidate in the prime hours of an election campaign is possible, it is a well-calculated move to gain big during the upcoming elections.
There are no specific documents available about the World Liberty Financial platform. This lack of transparency on the part of the platform regarding its use cases, structure, and objectives has caused discontent even among Trump’s ardent supporters.
Many investors in the market are still apprehensive about the real utility of the WLFI tokens. Some suspect it was a mere trick by Trump to attract voters to his side of the election campaign. A clear picture will emerge only after the whitepaper and official website of the token is launched.
The tokenomics of the WLFI tokens are divided in such a way that 63% of the total supply will be dedicated to public purchase, while 17% will be used to fund user rewards, and the remaining 20% will be reserved for the founding team of the World Liberty Financial platform.
More About the World Liberty Financial Whitelist
World Liberty Financial’s whitelist of potential investors includes many prominent investors from the US and abroad. The whitelist currently features only the wealthiest individuals who can typically make at least $200,000 per year in income and have a liquid net worth of at least $1 million.
This is a major point of criticism against the cryptocurrency platform. While the developers have announced that World Liberty Financial’s whitelist will showcase everyday Americans, the reality is that the platform is currently open to rich Americans only.
Purpose of the World Liberty Financial Whitelist
The purpose of the World Liberty Financial Whitelist, as stated on the project’s X handle, is not to exclude everyday Americans even though it currently focuses on accredited US investors.
The ultimate vision of the World Liberty Financial Whitelist is to help everyone attain financial freedom through the use of digital currencies. The World Liberty Financial official condemned the outdated laws in the country that curtail their basic right to enjoy seamless financial transactions.
The current limiting of access to accredited investors is part of World Liberty Financial’s attempt to navigate the strongholds of the US Securities and Exchanges Commission (SEC) regulatory overbearance.
Other details such as where the WLFI token will be listed, how to buy it, and what percentage of the token’s total supply will be sold to the public or investors.
Will determine the future of the WLFI tokens. The public is awaiting further information from the WLFI developers.
The Bottom Line
Donald Trump and his Republican party are strong advocates of the decentralization of finances. Their views are in stark contrast to the prohibitory rulings of The incumbent Biden government. The launch of the World Liberty Financial platform can be viewed as a strategic attempt to attract crypto enthusiasts to Trump’s side of the campaign.
The further procedures regarding the platform and the WLFI tokens will materialize in due course in such a way that the Trump faction can make good use of the decentralization dilemma.
