Donald Trump’s crypto project, World Liberty Financial, published a 13-page document Thursday that described its mission and the way tokens might be allocated, and that indicated that the Republican presidential nominee and his family could take home 75% of net revenue.
In what it calls the “World Liberty Gold Paper,” World Liberty Financial, or WLF, said the Trump family will receive 22.5 billion “$WLFI” tokens, currently valued at $337.5 million, based on the value of 1.5 cents per token at launch this week.
Trump, who’s in a virtual dead heat with Vice President Kamala Harris because the election reaches its closing stages, has spent months pumping his crypto project, previously branding it as “The DeFiant Ones,” a play on DeFi, short for decentralized finance.
On Tuesday, the project launched the WLFI token and said in a roadmap that it was trying to raise $300 million at a $1.5 billion valuation in its initial sale. As of Thursday, only $12.9 million price of the token has been sold, in line with its website.
The paper released Thursday shows that Trump and his family assume no liability. It indicates that none of them are directors, employees, managers or operators of WLF or its affiliates, and said the project and the tokens “should not political and haven’t any affiliation with any political campaign.”
WLF didn’t reply to a request for comment. The Trump campaign referred inquiries to the Trump Organization, which didn’t immediately responded to a request for comment.
Crypto projects typically release white papers before they launch their coins, offering a guide in order that investors can learn more in regards to the mission, goals and the way future tokens get allocated. WLF’s paper says that a Delaware-based company named DT Marks DEFI LLC, which is connected to the previous president, is ready to receive three-quarters of the web protocol revenues.
WLF bills itself as a crypto bank where customers will probably be encouraged to borrow, lend and spend money on digital coins. The document released Thursday defines net protocol revenue as income to WLF from “any source, including without limitation platform use fees, token sale proceeds, promoting or other sources of revenue, after deduction of agreed expenses and reserves for WLF’s continued operations.”
Some $30 million of the initial revenue is earmarked to be held in a reserve intended to cover operating expenses and other financial obligations.
The remaining 25% of net protocol revenue is ready to go to Axiom Management Group, or AMG, a Puerto Rico LLC wholly owned by Chase Herro and Zachary Folkman, two of the co-founders.
Folkman previously had an organization called Date Hotter Girls and reportedly helped develop crypto project Dough Finance. Herro worked on Dough and launched one other crypto trading business a decade ago called Pacer Capital, which appears to now be defunct.
AMG has agreed to allocate half of its rights to net protocol revenues to a 3rd LLC called WC Digital Fi, which is an affiliate of Trump’s close friend and political donor, Steve Witkoff, in addition to to “certain of his relations.” Witkoff’s son, Zachary, can be listed as certainly one of the co-founders of the project.
Folkman previously said just 20% of WLF’s tokens can be allotted to the founding team, which incorporates the Trump family. The paper spells out the breakdown of anticipated coin allocation, with 35% of total supply allocated to the token sale, 32.5% to community growth and incentives, 30% to initial support allocation, and a pair of.5% to team and advisors.
The document specifies within the high-quality print that these “anticipated token distribution amounts are subject to vary.” It’s unclear which categories include Trump and his family.
The paper calls Trump the “chief crypto advocate.” His three sons are all “Web3 ambassadors.”
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