Trump-linked World Liberty sells $100 million in WLFI tokens to UAE-based fund
Quick Take Aqua1, a UAE-based crypto fund, bought $100 million worth of World Liberty Financial governance tokens. This comes a day after the Trump-backed World Liberty said it is working to allow for the trading of its WLFI token.
United Arab Emirates-based Aqua1, a crypto-focused fund, said Thursday it purchased $100 million worth of World Liberty Financial tokens.
The announcement comes a day after the President Trump-backed DeFi project World Liberty said it is working to allow for the trading of its WLFI token.
World Liberty's deepening ties with the Middle East may draw the ire of critics who have been alarmed by Trump's crypto-related business ventures. Earlier this month, financial disclosures showed that the president has made over $57 million from World Liberty token sales.
The disclosure also showed that Trump owns 15.75 billion WLFI tokens, which means he could exercise voting rights within World Liberty. Currently, the WLFI token grants holders voting rights, and they can propose governance changes. But holders are restricted from transferring the tokens.
The project is listed as being inspired by Trump while calling the president its "chief crypto advocate." Trump's sons also play key roles at the DeFi project.
"We’re excited to work hand-in-hand with the team at Aqua1," World Liberty co-founder Zak Folkman said of Thursday's announcement, according to a statement . "Aligning with Aqua1 validates our blueprint for global financial innovation, as we have a joint mission to bring digital assets to the masses and strengthen our nation’s standing as a champion and leader of cryptocurrency and blockchain technology."
This is not the first time there has been some overlap with a crypto-related investment, the Middle East, and World Liberty. In May, the Abu Dhabi investment firm MGX used World Liberty Financial's USD1 stablecoin to close a $2 billion deal with the crypto exchange Binance.
In its statement announcing its purchase of WLFI tokens, Aqua1 said its aim to buy the tokens will "accelerate the creation of a blockchain-powered financial ecosystem centered on blockchain development."
According to the organization's website: "Aqua1 Foundation is a Web3-native fund based in UAE with a global outlook. It is committed to the long-term prosperity of the crypto ecosystem ... our objective is to deliver stable returns to asset holders and act as a key enabler of liquidity and growth for crypto assets."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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