Donald Trump’s crypto initiative, known as World Liberty Financial (WLF), released a 13-page document on Thursday outlining its mission and token allocation strategy, indicating that the Trump family may receive 75% of the net revenue. The document, referred to as the “World Liberty Gold Paper,” states that the Trump family will receive 22.5 billion “$WLFI” tokens, which are valued at approximately $337.5 million based on the launch price of 1.5 cents per token earlier this week.
As the election draws near, Trump, who is closely competing with Vice President Kamala Harris, has been actively promoting his crypto project, which was previously branded as “The DeFiant Ones,” referencing decentralized finance (DeFi). On Tuesday, the WLFI token was launched, with an initial fundraising goal of $300 million at a valuation of $1.5 billion. However, by Thursday, only $12.9 million worth of tokens had been sold, as reported on the project’s website.
The document clarifies that the Trump family holds no official liability and are not listed as directors, employees, managers, or operators of WLF or its affiliates. It further mentions that the crypto project and its tokens “are not political and have no affiliation with any political campaign.” Inquiries directed to WLF did not receive a response, and the Trump campaign referred questions to the Trump Organization, which also did not immediately comment.
Crypto ventures generally release white papers before debuting their coins, providing investors with details on the project’s mission, goals, and token allocation strategies. WLF’s released paper specifies that a Delaware-based entity named DT Marks DEFI LLC, linked to the former president, is scheduled to receive three-quarters of net protocol revenues.
The paper describes WLF as a crypto bank where customers can engage in borrowing, lending, and investing in digital currencies. Net protocol revenue for WLF is defined as income from various sources including platform fees, token sales, and advertising, after subtracting agreed expenses and holding reserves for ongoing operations. An initial $30 million revenue is intended to be reserved for operating costs and other fiscal responsibilities.
The remaining 25% of the net protocol revenue is assigned to Axiom Management Group (AMG), a Puerto Rico LLC owned by co-founders Chase Herro and Zachary Folkman. Folkman had previously founded Date Hotter Girls and contributed to the development of the crypto project Dough Finance, while Herro has experience in Dough and an earlier crypto trading business named Pacer Capital.
AMG has agreed to share half of its rights to net protocol revenues with a third LLC, WC Digital Fi, affiliated with Trump’s associate, Steve Witkoff, and certain family members. Witkoff’s son, Zachary, is also noted as one of the project’s co-founders.
Folkman had previously stated that only 20% of WLF’s tokens would be designated for the founding team, which includes the Trump family. The document outlines the anticipated coin allocation, with 35% of the total supply designated for the token sale, 32.5% for community growth and incentives, 30% for initial support allocation, and 2.5% for team and advisors. It is specified that these token distribution amounts are subject to change, though it remains unclear which categories involve Trump and his family.
The document identifies Trump as the “chief crypto advocate,” with his three sons serving as “Web3 ambassadors.”