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World Liberty Financial, a crypto project endorsed by Donald Trump, has registered over 100,000 sign-ups ahead of its October 15 public launch. The company’s WLFI token will be built on Ethereum’s technology. Only US-accredited investors can use the platform, which will serve as a lending platform. A leaked document revealed users cannot transfer the WLFI token for 12 months post distribution. The project aims to raise $300 million from the token sale, valuing the company at about $1.5 billion. Rich Teo, a co-founder of Paxos, will join the team to handle stablecoins and payments.

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The crypto project World Liberty Financial, which is endorsed by Donald Trump, is buzzing with over 100,000 signups before its public launch on October 15. Zak Folkman, the guy who runs things, did a live chat recently and didn’t add much new stuff. But he said that their cryptocurrency, the WLFI token, would be built using Ethereum’s technology and is designed to manage the project.

Zak, together with his team, Chase Herro and Zach Witkoff, simply went over stuff they’d already shared in a blog post before. Their main pitch is to allow users to borrow, lend, trade, and deal with stablecoins using their crypto platform.

Their platform can only be used by accredited investors in the U.S. These people are certified by the Securities and Exchange Commission and usually have a yearly income over $200,000 and assets worth more than $1 million.

Rich Teo, a co-founder of Paxos, is also joining the team to handle stablecoins and payments. Also, 63% of WLFI tokens would be sold to pre-approved public members on October 15, with others going towards user rewards and the team.

According to a leaked document, people who get the WLFI token cannot transfer it for 12 months post distribution but can use it immediately to participate in voting. The goal of the project is to raise $300 million from this token sale, which would value the project at around $1.5 billion.

The platform’s borrowing and lending feature has got the boss of Aave, Stani Kulechov, quite excited. Donald Trump Jr., who’s their internet ambassador, praised World Liberty Financial as being fair to regular folk, and criticized the U.S.’ banking system as being a scam.

World Liberty Financial will start off as a lending platform using DeFi, and it’s been confirmed that it’ll launch using Ethereum’s network. Once it’s up and running, it will expand further to Ethereum layer-2 network Scroll. The sale of WLFI token will start three weeks ahead of the U.S. elections on November 5.

Donald Trump has promised to make the U.S. the center of crypto if he wins in November. As it stands, Trump is leading against Kamala Harris by 9% on the decentralized betting platform Polymarket. This is despite Harris leading Trump by 2.4% in national polls.

Source: Cointelegraph