World Liberty Financial, a highly anticipated new venture, has officially opened its Know Your Customer (KYC) verification process through its website. The project has generated significant buzz over the past month, largely driven by former President Donald Trump and his family, who have teased the public with ambitious claims about the platform’s potential.
World Liberty Financial Had Sparked Controversy Over Distribution of Tokens
According to statements made earlier, World Liberty Financial aims to be a comprehensive crypto banking service. Users will be able to borrow, lend, and invest in cryptocurrencies through the platform. Founders also introduced a native token called WLFI, which will play a central role in the platform’s ecosystem.
Zak Folkman, one of the project’s founders, detailed the token distribution model. Of the total WLFI tokens, 20% will be allocated to the founding team, which includes members of the Trump family, 17% will be reserved for user rewards, and the remaining 63% will be made available for public purchase. Folkman emphasized that there will be no pre-sales or early buy-ins, addressing concerns about fairness in the token distribution.
Earlier reports had sparked controversy when a leaked draft suggested that the World Liberty Financial founders would hold 70% of the tokens, leading to fears that the project could turn into a quick-profit scheme. However, the final equity structure appears to have addressed these concerns.
The WLFI token offering will follow SEC’s Regulation D, a framework that allows companies to raise capital without needing to register their securities, as long as certain conditions are met.
An internal white paper obtained by CoinDesk listed Barron Trump as “Chief DeFi Visionary,” while Eric and Donald Jr. were named “Web3 Ambassadors.” Donald Trump Sr. holds the title of “Chief Crypto Advocate.” Despite these roles, Folkman clarified that the Trump family does not own, manage, or operate the platform directly, although they will be compensated for their involvement.
