U.S. President Trump looks at a debit card used to distribute Covid-19 relief funds to the public during a Cabinet meeting in the East Room of the White House in Washington, DC, U.S., Tuesday, May 19, 2020.
Kevin Dickey | Bloomberg | Getty Images
Donald Trump’s plans for a new cryptocurrency are off to a rocky start.
World Liberty Financial, which aspires to become a cryptocurrency bank of sorts, launched a token sale on Tuesday, a day after project co-founder Zachary Folkman said “well over 10 Ten thousand people” were included in the investment whitelist.
But WLF’s website frequently experienced lengthy outages during much of the morning and afternoon, resulting in limited sales. According to statistics, as of Tuesday afternoon, only about 4,300 unique walled addresses held the token. Blockchain data Tracked by Etherscan, it accounts for approximately 4% of total registrations.
The platform said it has sold more than 532 million tokens at a price of 15 cents per token. This is less than 3% of the 20 billion tokens available for public sale.
In one day, website A page is often displayed that says “We are under maintenance.”
WLF did not immediately respond to a request for comment.
The troubled launch could be a potential setback for the Republican presidential candidate just three weeks before the election. Trump and his family have been promoting the project since August, naming it “The DeFiant Ones,” a version of DeFi, short for decentralized finance.
Source: World Free Finance
In a roadmap to potential investors, First viewed by The BlockThe WLF proposal states that the token hopes to raise $300 million at a valuation of $1.5 billion in its initial sale. Folkman, who previously owned a company called Date Hotter Girls and reportedly helped develop the crypto project Dough Finance, said 20% of WLF’s tokens will be distributed to the founding team, which includes the Trump family.
The digital currency WLFI will be a Class D token offering, following a rule that does not require first registering securities with the SEC in order to raise funds. Certain conditions must be met, such as limiting the size of the sale and limiting it to accredited investors (some defined as having a net worth of more than $1 million).
While few details have been released about the vision for the project, those involved with WLF said customers will be encouraged to borrow and invest in cryptocurrencies. No official white paper or formal business plan has been released to the public, all that has been disclosed is that investing in the project will give users voting rights on the yet-to-be-launched WLF platform.
Last week, WLF began getting its cryptocurrency bank approved by DeFi ecosystem Aave.
Aave is open source and is one of the longest-running and most trusted crypto lending platforms in the DeFi space.
—CNBC’s Kaan Oguz and Jordan Smith contributed to this report.
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