World Liberty Financial has two types of 'uniforms': business formal wear and crypto casual wear.
Written by: Ben Weiss, Fortune Magazine
Translated by: Luffy, Foresight News
In mid-August, the heat in New York City was unbearable, and Eric Trump and Donald Trump Jr. pushed open the door to a boardroom at the Trump Organization. The two sons of President Donald Trump sat around a polished black stone table on the 25th floor of Trump Tower, with Zach Witkoff, the current Middle East envoy for Trump, and son of real estate mogul Steve Witkoff, sitting between them.
They gathered together for a rare media interview. Along with other advisors and executives, the three of them wanted to promote World Liberty Financial, the core company of the Trump family's lucrative crypto business, and its latest $1.5 billion deal. But the opening was not without some friendly teasing.
'He is someone I respect,' Zach said of the 47th President of the United States, 'I named my eldest son 'Don' in his honor.'
Donald Jr. feigned anger in response: 'Wait, I thought it was...' He didn't finish his sentence, implying that he thought Zach was named after him, not his father.
The jokes continued, as Chase Hero, co-founder of the Trump family's crypto business, pretended to sympathize, saying, 'I only found out about this during the interview, it's so tragic.'
From left to right: Donald Trump Jr., Zach Witkoff, Eric Trump, Zach Fokman.
Jokes aside, the Trump brothers, Zach, Hero, and their business partner Zach Fokman play a crucial role as leaders of the Trump family cryptocurrency think tank. Their mission is to turn World Liberty Financial, established in October 2024, into a crypto giant—even amid significant apparent conflicts of interest.
Currently, World Liberty Financial has three core businesses: the USD1 stablecoin pegged to the dollar, the WLFI cryptocurrency, and a publicly traded company that holds WLFI. Those who purchase WLFI can participate in decision-making regarding the company's future product development; the publicly traded company was established in collaboration with an established biotech firm, primarily aimed at providing a way for traditional investors, who do not use cryptocurrency exchanges, to invest in WLFI by purchasing stocks.
The entire enterprise is a mixed carnival of tokens and financial 'alchemy'. In March of this year, World Liberty Financial announced that it raised $550 million through direct sales of WLFI tokens, and its USD1 stablecoin has reached a market cap of $2.2 billion, allowing the Trump family business to earn interest from it. Additionally, collaboration with that established biotech company has also allowed investors to raise another $1.5 billion to purchase WLFI tokens, valuing the total supply of the token at $20 billion at this price.
Eric and Donald Jr. detailed these businesses in a spacious conference room on the 25th floor overlooking Central Park. Clearly, they are well-versed in cryptocurrency, casually discussing Bitcoin, Ethereum, and payment channels. But what's even more eye-catching is that beside the well-dressed Eric and Donald Jr. stands a group of tattooed crypto 'natives'.
Eric, Donald Jr., and Zach all wore suits and blue ties; meanwhile, crypto business co-founder Hero wore a light beige T-shirt and olive green jeans, with a tattoo resembling a Greek statue on his right bicep, along with several other tattoos; Fokman wore a black long-sleeve shirt and smart athletic pants, with a butterfly tattoo on his left hand and several other tattoos. It seems that World Liberty Financial has two types of 'uniforms': business formal wear and crypto casual wear.
The details of the Trump family's collaboration with this group of crypto veterans remain unclear, but the story began at a golf course.
About two years ago, in the summer of 2023, Chase Hero, who once called himself 'an internet asshole' and has been involved in cryptocurrency entrepreneurship for a long time, received an invitation to the Shell Bay Club in the outskirts of Miami. This is a private golf club owned by the Witkoff family. Hero did not specify who invited him, only saying that the host was 'a great young man', who is also a friend of Donald Trump Jr.
At that time, Hero, covered in tattoos, was standing on the lawn when Zach happened to drive by. 'He could tell I was a bit out of place,' Hero said, 'and then he said, 'Come on, let's ride in the same car,' and we started chatting in the golf cart.'
This chance encounter sparked a business collaboration. The Witkoff family introduced Chase Hero and his long-time business partner Zach Fokman (who previously ran a company called 'Date Hotter Girls') to the Trump family. Subsequently, the two families teamed up with Hero and Fokman, and during a live broadcast in September, the host referred to the two as 'crypto punks' when announcing the collaboration.
Zach Fokman (left) shows off his World Liberty Financial tattoo, next to Chase Hero (right).
During the same live broadcast, Zach's father, Steve Witkoff, tried to reassure the audience, urging them not to judge by appearances.
'They look different from us, and they dress differently from us,' he said, 'I've seen traders from all over the world, and these two are as smart as any currency trader I've ever met.'
However, the discomfort stemming from the contrast in dress styles between the Trump circle and 'crypto punks' has long dissipated in the wave of burgeoning new business. Trump and the Witkoff family boast that their stablecoin USD1 is 'the fastest-growing stablecoin in history.' This may be true, but over 90% of the stablecoin's market value comes from a massive transaction with Binance, the world's largest cryptocurrency exchange. In this transaction, Binance received a $2 billion investment from an Abu Dhabi venture capital company and was paid in USD1. Zach announced this transaction on May 1, and Binance has yet to convert USD1 into dollars, meaning that World Liberty Financial can still earn interest from this funding.
Today, this Trump family crypto enterprise, which has 20 to 30 employees, is planning to launch crypto lending protocols and decentralized finance (DeFi) applications. Fokman did not disclose the launch timeline for these products.
The influx of capital and the emergence of Trump-branded crypto products have raised alarms among ethics experts. They believe that World Liberty Financial provides a direct way for those who want to please the president to 'send money' to his family. When previously asked about ethical dilemmas, Eric Trump dismissed the concern, saying, 'I keep the two separate,' referring to his business relationships and his relationship with his father, 'but I think he would be proud of what we are doing.'
Zach, Hero, and Fokman are also proud of their crypto company. Hero has a tattoo of the World Liberty Financial logo—a geometric-style eagle—on the back of his neck; Fokman has a similar tattoo on his left forearm; Zach admitted he has one too. According to Matt Morgan, a crypto project advisor for the Trump family who was also present in the boardroom, these tattoos clearly stemmed from a night out.
When asked about the location of his tattoo, Zach was vague. 'Maybe he got it on his lower back!' Fokman joked.
