Market maker and investment firm DWF Labs has bought $25 million in WLFI tokens in a "strategic private transaction" with World Liberty Financial, the crypto project backed by U.S. President Donald Trump and his family.
WLFI is the native token of World Liberty Financial, an Ethereum-based decentralized finance platform that aims to provide crypto borrowing and lending services. DeFi is a catchall term that encompasses the wide array of financial applications that utilize cryptocurrencies and operate without centralized middleman.
Dubai-based DWF Labs said it had bought the tokens as it expands into New York City. The firm added that it planned to provide liquidity for World Liberty Financial's new stablecoin, USD1.
Decrypt last month reported that World Liberty Financial had launched USD1.
"DWF Labs's purchase of WLF tokens underscores its desire to participate in WLFI governance and focus on projects addressing real-world financial needs, as evidenced by the growing demand for institutional-ready stablecoins like USD1," DWF Labs said.
World Liberty Financial co-founder Zak Folkman added in a statement: "We believe that crypto is going to transform and improve global finance, and stablecoins like USD1 will continue to be fundamental elements in the DeFi technology stack."
President Trump campaigned to help the crypto industry and has been heavily involved in a number of digital asset ventures.
Donald Trump and Bitcoin: From 'Not a Fan' to Crypto President—With His Own Meme Coin
Bitcoin-friendly Donald Trump won the election in November, and was inaugurated in January as the 47th President of the United States of America. But ahead of being formally sworn in, the commander in chief dropped a meme coin. Yes, you read that right. Running on the Solana network, the TRUMP token at one point had a market cap of $14 billion. It’s since plunged to $2.9 billion but the move signaled the new President’s growing enthusiasm for the digital asset space after campaigning to help Bit...
Ahead of his inauguration, Trump launched his own Solana meme coin, Official Trump. And in office, he signed an executive order establishing a strategic Bitcoin reserve—fulfilling one of his campaign promises—and became the first president to sign a crypto-related bill into law.
Trump's family has been involved in his various digital asset efforts, with Eric Trump initially announcing the launch of World Liberty Financial. Critics have hammered the president for allegedly using his position to personally benefit his crypto initiatives, however, including Senator Elizabeth Warren and Representative Maxine Waters.
DWF made headlines last year after the firm fired one of its partners who a woman accused of spiking her drink in an attempt to drug her.
Edited by James Rubin
