World Liberty Financial, a crypto project linked to former President Donald Trump, announced that its whitelist has attracted thousands of sign-ups within just one day of going live. The project, which launched on Monday, described the response as a massive success.
In a post on its X account, World Liberty Financial stated, "Our whitelist is already a massive success! Thousands of people have joined, and we’re just getting started. Don’t miss your chance to be part of something revolutionary." On the same day, the project initiated its Know Your Customer (KYC) verification process on its website.
KYC is essential for verifying customer identities to mitigate illegal activities such as money laundering and fraud. The website specifies, "In the US, this information is only intended to be available to persons who have also been verified as accredited investors." Furthermore, the project clarified that due to current US regulations, there are separate whitelists for accredited US investors and non-US participants.
Details about World Liberty Financial remain scarce. Eric Trump and Donald Trump Jr. hinted at a decentralized finance (DeFi) initiative in early August, capitalizing on Donald Trump's newfound interest in cryptocurrency. During a recent launch event on X Spaces, the project revealed plans to sell a non-transferable governance token, WLFI, with 63% allocated for public sale, 17% for user rewards, and 20% for team compensation.
The reception of World Liberty Financial has been divided. Reports from The Block indicate that both crypto critics and proponents believe the initiative may harm the industry. North Carolina's Rep. Wiley Nickel, a crypto advocate, remarked, "Donald Trump’s sudden enthusiasm for cryptocurrency is as transparent as it is opportunistic. After doing absolutely nothing for crypto while in the White House, he’s only now launching World Liberty Financial to cash in on a movement he never supported."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. This article is for informational purposes only and not intended as legal, tax, investment, or financial advice.
