After the vote on Wednesday, users will soon be able to buy and sell the WLFI token, based on the Ethereum network.

Summary

  • The cryptocurrency project backed by Trump, World Liberty Financial, was previously open only to accredited investors.

  • But after a vote on Wednesday to enable trading, users will soon be able to access WLFI.

  • The project is a decentralized financial platform that plans to offer loans and financing in cryptocurrencies.

Launched as an exclusive cryptocurrency for wealthy investors, WLFI — backed by Donald Trump — will soon be available to the general public, following approval in a vote.

The native token of World Liberty Financial will be released for trading to "start the next phase of community ownership and engagement," according to its site.

WLFI is the native governance token of World Liberty Financial. In the cryptocurrency universe, holders of a governance token can vote to make changes to how the project is run — but these crypto assets also have value and can be traded and sold on exchanges.

"This would mark an important milestone in the development of the World Liberty Financial ecosystem and open the doors for greater community participation, access, and protocol development,” says the official website.

No details were revealed about where users could buy the token, but the site noted: "With strong demand from community members and partners, many community members said it is the right time to make WLFI tradable and start this next chapter in our collective journey."

The tokens of the Ethereum-based project were initially available only to accredited investors. A portion of these tokens will now be unlocked for sale, the site added, while others will be subject to longer unlocking schedules.

World Liberty Financial

World Liberty Financial is a decentralized finance (DeFi) project that was first introduced by President Trump's son, Eric, last year. It is led by developers Chase Herro and Zak Folkman, along with the Trump family and the Witkoff family.

It is announced as a platform for cryptocurrency lending services, although it has not yet been launched. Details about the project's launch are vague at this time, but its creators have praised the DeFi space.

DeFi is a subset of the cryptocurrency industry that seeks to replace traditional financial services, such as banks, by using blockchain to power autonomous applications without intermediaries. It is a world that can be risky, subject to hacks and losses for inexperienced investors.

U.S. lawmakers — especially Democrats — have raised concerns about President Trump's conflicts of interest with the project, especially since the Trump family has made millions from token sales.

President Trump recently announced an unexpected profit of $57.3 million from the sale of project tokens.