Donald Trump’s new crypto project called World Liberty Financial, which aims to be a crypto bank, experienced a rough start during its token sale launch. The website suffered regular outages leading to limited sales, with only about 4,300 unique wallet addresses holding the token out of the over 100,000 people who registered. The platform sold around 794 million tokens at $0.015 each, representing less than 4% of the total tokens available.
The glitchy launch is seen as a setback for Trump, as he and his family have been promoting the project as “The DeFiant Ones” since August. The project aims to raise $300 million at a $1.5 billion valuation in its initial sale. The token offering is Regulatory D compliant, allowing the raising of capital without registering with the SEC, with restrictions on the size of the sale and accredited investors.
The project’s roadmap suggests that users will be able to borrow, lend, and invest in crypto, and investors will have voting rights on the WLF platform. The project has also started the process of getting approval from the DeFi ecosystem Aave. Additionally, Trump Media & Technology Group, the parent company of Truth Social, saw its stock price drop by almost 10% on Tuesday.
Overall, the launch of Trump’s crypto project faced technical difficulties, limited sales, and investor skepticism, adding uncertainty to the success of the venture.
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