Donald Trump announced the launch of the WLFI cryptocurrency, which stands for 'World Liberty Financial'.
The WLFI cryptocurrency will be available for sale starting tomorrow, Thursday, October 15.
This project is part of Trump's initiative in the decentralized finance (DeFi) space, which he leads in collaboration with his family.
The announcement comes at a time of increasing interest in cryptocurrencies, especially with the upcoming U.S. presidential elections.
Details of the offering and the promotional event:
On October 14, an exclusive event will be held on platform X to promote the WLFI cryptocurrency, where the project team and advisors will be present alongside yet-to-be-announced guests.
Sales will be available to those listed on the WLF whitelist.
This move comes after Trump's launch of a decentralized finance platform on September 17, which faced criticism for the lack of information provided.
The WLF project has submitted a proposal to the Aave governance forum to enable liquidity provision for digital assets such as Bitcoin, Ethereum, Wrapped Bitcoin (WBTC), and stablecoins.
If approved, AaveDAO will receive 7% of WLFI supplies and 20% of the protocol fees.
The project is led by former 'Dough Finance' employees, Zachary Volkman and Chase Hero, and aims to raise $300 million through the sale of WLFI, giving it a valuation of $1.5 billion.
The impact of cryptocurrencies on the presidential race:
Trump's announcement came three weeks before the presidential elections, where cryptocurrencies have become a central issue.
Trump had previously pledged to appoint a Bitcoin advisory board and to dismiss SEC Chairman Gary Gensler, who is heavily criticized in the cryptocurrency community for the strict policies the agency implemented during his tenure.