Donald Trump’s cryptocurrency project, World Liberty Financial (WLF), published a 13-page document on Thursday outlining its mission, token allocation strategy, and revealing that the Trump family could potentially receive 75% of the net revenue. This document, referred to as the “World Liberty Gold Paper,” states that the Trump family is set to receive 22.5 billion “$WLFI” tokens, valued at $337.5 million, based on a launch price of 1.5 cents per token.
The project is being promoted by Trump, who is currently closely competing with Vice President Kamala Harris as the election nears its conclusion. Trump has been actively publicizing the project, which was previously branded as “The DeFiant Ones,” a play on decentralized finance (DeFi).
Earlier this week, the WLFI token was launched with an objective to raise $300 million at a $1.5 billion valuation. However, as of Thursday, only $12.9 million worth of the token had been sold. The document revealed that Trump and his family assume no liability and are not directors, employees, or operators of WLF or its affiliates. It emphasized that the project and tokens are not affiliated with any political campaign.
Requests for comments from WLF and the Trump campaign were not immediately answered. Cryptocurrency projects generally release white papers before launching coins to inform investors about the mission, goals, and token allocation. The document highlights that a Delaware-based company called DT Marks DEFI LLC, associated with Trump, is set to receive three-quarters of the net protocol revenues.
WLF promotes itself as a crypto bank where users are encouraged to borrow, lend, and invest in digital coins. The document defines net protocol revenue as the income earned by WLF from various sources after deducting expenses and reserves for ongoing operations. $30 million of the initial revenue is earmarked for a reserve to cover operating costs and financial obligations.
The remaining 25% of net protocol revenue is designated for Axiom Management Group (AMG), a Puerto Rico LLC owned by co-founders Chase Herro and Zachary Folkman. Folkman had previously developed the crypto project Dough Finance, while Herro launched a now-defunct crypto trading business, Pacer Capital, a decade ago.
AMG has agreed to allocate half of its rights to net protocol revenues to WC Digital Fi, an affiliate linked to Trump’s friend and donor, Steve Witkoff. Zachary Witkoff, Steve’s son, is also mentioned as a project co-founder.
Folkman announced that just 20% of WLF’s tokens would be allotted to the founding team, which includes the Trump family. The paper outlines the token allocation as 35% for the token sale, 32.5% for community growth and incentives, 30% for initial support allocation, and 2.5% for the team and advisors.
The document notes that these distribution amounts are subject to change, with no clarity on the inclusion of the Trump family in specific categories. The paper refers to Trump as the “chief crypto advocate,” while his three sons are titled “Web3 ambassadors.”
