Trump Launches a New Cryptocurrency and Aims to Raise Massive Funds.

Former U.S. President Donald Trump recently announced the launch of his own cryptocurrency called “WLF”, marking a new step for him in the world of digital currencies. According to reports from CNBC, a detailed 13-page document was published outlining the project’s goals and token distribution, with the document indicating that Trump and his family may receive a significant portion of the expected net revenues.

The document states that the Trump family could receive around 75% of the expected net profits, equivalent to approximately 22.5 billion “WLF” tokens, valued at $337.5 million based on the initial token launch price of 1.5 cents per token.

Trump had spent several months promoting this project, previously named “The Defiant Ones”, referring to the decentralized finance known as “DeFi”. Last week, Trump officially announced the launch of the “WLFI” project with plans to raise $300 million at a valuation of $1.5 billion. However, reports suggest that only $12.9 million worth of tokens have been sold so far.

Trump Family Bears No Direct Responsibility

According to the document, Trump and his family have no executive responsibilities towards the project and do not hold official positions such as directors, employees, or operators of “WLF” company or any of its subsidiaries. The document also clarifies that the project is not linked to any political goals or campaigns.

Revenue Overview and Token Distribution

As is the case with most cryptocurrency projects, companies issue whitepapers to explain the mission and objectives to investors, as well as token distribution. “WLF” itself operates as a digital currency bank, allowing investors to borrow, lend, and invest in cryptocurrencies.

The document indicates that the project’s net revenues will come from various sources, including platform usage fees, token sales, and advertisements. It also specifies that $30 million of the initial revenues will be kept as reserves to cover operational expenses and future financial obligations.

According to the document, 25% of the net revenues will be allocated to the “AMG” company, owned by Chis Hero and Zachary Folkman, the project’s main founders. “AMG” has also agreed to transfer half of its rights in the net revenues to “WC Digital Fi,” owned by Steve Whitkov, a close friend of Trump, as well as some members of the Trump family.

Token Distribution

The document also details the token distribution, with 35% of the total supply allocated for token sales, 32.5% for community growth and incentives, 30% for initial funding support, and 2.5% for the team and advisers. The document notes that the distribution of these ratios is subject to change.

While Trump describes himself as a major supporter of cryptocurrencies, his three children serve as “Web3 Ambassadors,” adding a personal dimension to the “WLF” project.