By CryptoSlate | Created at 2024-11-25 23:33:26 | Updated at 2024-11-26 02:25:22
2 hours ago
Tron has invested $30 million in World Liberty Financial (WLFI), the decentralized application backed by President-elect Donald Trump’s family.
Tron founder Justin Sun said in a social media post on Nov. 25 that TRON has become the largest WLFI investor. Sun added:
WLFI said the investment will help drive innovation with Sun by “aligning on a vision for a stronger blockchain future.”
WLFI has partnered with leading money market Aave to develop an application that would help drive mass adoption of US-pegged stablecoins. In addition to the President-elect, his three sons also support the project.
According to the Trump family-backed project, stablecoins can help preserve US financial leadership by ensuring the dollar remains the global settlement layer.
The protocol stated in a Sept. 4 statement:
On Sept. 30, the WLFI opened its whitelisting process for interested investors who wanted exposure to the protocol. However, due to the regulatory landscape in the US, retail investors based in the country were left out.
Notably, the website crashed twice when WLFI opened its token pre-sale, which raised roughly $8 million on the first day.
Despite Sun’s investment, WLFI has only raised a little over $51 million, significantly short of its initial $300 million goal.
