UAE's Aqua 1 invests $100 million in Trump-linked crypto venture, amid outcry of influence peddling
The investment grants Aqua 1 significant voting rights over WLF's future development. According to a joint statement, the capital will accelerate WLF's plans to build blockchain-powered financial applications, including expanding its USD1 stablecoin and developing platforms for tokenizing traditional assets like real estate or commodities.
The partnership also includes plans to co-develop "BlockRock," an institutional real-world asset (RWA) tokenization platform, and support the launch of Aqua 1's "Aqua Fund," a UAE-domiciled digital economy investment vehicle backed by regional stakeholders.
"Aligning with Aqua 1 validates our blueprint for global financial innovation," said WLF co-founder Zak Folkman. 'We have a joint mission to bring digital assets to the masses and strengthen our nation's standing as a champion and leader of cryptocurrency.'
Dave Lee, Aqua 1's founding partner, emphasized WLF's USD1 ecosystem represents a "trillion-dollar structural pivot opportunity" merging traditional finance with decentralized technology.
This investment shines another spotlight on WLF's origins and ownership structure, which has drawn intense scrutiny since its launch:
WLF was founded in 2024 and is primarily owned by DT Marks DEFI LLC, an entity controlled by Donald Trump and his family, holding approximately 60% (recently reduced from 75%). The Trump family business entity is entitled to 75% of all net revenues from WLF token sales. Eric Trump and Donald Trump Jr. are actively involved in management, while Barron Trump is listed as the project's "DeFi visionary." Initial co-founders Zachary Folkman and Chase Herro handle day-to-day operations.
The Aqua 1 investment, following closely on the Abu Dhabi MGX deal, intensifies concerns among government ethics experts and critics of the Trump administration. They argue that these substantial foreign investments, particularly from nations with sovereign wealth funds and strategic interests, into a company enriching the sitting President's family create significant potential for influence peddling and conflicts of interest. The administration and WLF maintain there are no conflicts, pointing to Trump's assets being in a trust managed by his children.
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