30s Summary

World Liberty Financial, a cryptocurrency project supported by Donald Trump, has reportedly spent around $45m on multiple cryptocurrencies including Ether, Coinbase Wrapped BTC, Ondo coins, and Ethena tokens in December. Last month, Justin Sun, founder of the Tron blockchain, became its biggest investor with a $30m purchase. On December 13, AaveDAO approved World Liberty’s plan to launch its own version of the protocol, which would let it lend and borrow Ether, Wrapped Bitcoin, and stablecoins.

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World Liberty Financial, a crypto project backed by Donald Trump, has been going on a cryptocurrency shopping spree just in time for the holidays. They’ve already splurged about $45 million this December. One of their latest buys was $250,000 worth of Ondo coins.

Last month alone, this digital wallet scooped up a whopping $30 million worth of the crypto Ether and another $10 million of Coinbase Wrapped BTC. This info comes from a blockchain tracking account called Lookonchain and data from something called Arkham Intelligence.

So how did World Liberty Financial spend that coin? They just shelled out $500,000 for Ethena tokens a day before their Ondo purchase. They also previously added $2 million each of Chainlink and Aave tokens to their digital portfolio. This puts their total December buys at about $44.75 million.

World Liberty Financial started out in September as a decentralized finance platform, trading in crypto. It publicly acknowledges Donald Trump as their main supporter, and his sons have come on board as their “ambassadors.” A company tied to the Trump family gets to keep 75% of its net revenues.

One expert, Nicolai Søndergaard, believes this spending spree could be a strategy to gain trust or boost the project’s profile. Their goal of selling $300 million of their own token, World Liberty Financial, has been quite a struggle; they’ve only sold less than a quarter of that so far.

A turn of the tide came last month when Justin Sun, the founder of the Tron blockchain, made a massive $30 million purchase and became its biggest investor and now a consultant. Even though Sun and Tron have battled accusations of selling non-registered securities by the Securities and Exchange Commission, Trump has promised to return the firm’s favor with a crypto-friendly overhaul.

Just recently on December 13, AaveDAO, the group behind the Aave DeFi protocol, gave the green light to World Liberty’s plan to launch an Aave instance, their own version of the protocol. This move will allow them to lend and borrow Ether, Wrapped Bitcoin, and stablecoins like USD Coin and Tether. This deal will also give AaveDAO 20% of fees generated and 7% of World Liberty Financial’s supply. World Liberty Financial could not be reached immediately for any comments.