Latest news with #ZakFolkman
Business Times
12 hours ago
- Business
- Business Times
Trump-backed crypto firm is planning stablecoin audit, new app
[NEW YORK] Zak Folkman, the co-founder of US President Donald Trump's cryptocurrency platform World Liberty Financial (WLF), said on Wednesday (Jun 25) that the company will issue an audit of its stablecoin 'within days' and that it planned a new app. Folkman also hinted that WLF's governance token, known as WLFI, could soon become tradable in an interview at the Permissionless conference on Wednesday, organised by crypto media company Blockworks in Brooklyn, New York. WLFI, which was launched two months before the US presidential election in November by Trump and his business partners, has yielded hundreds of millions of US dollars in revenue for the Republican president's family business. The business, along with other forays into crypto, has drawn a barrage of criticism from Democratic lawmakers, as well as government ethics watchdogs. Critics say it creates conflicts of interest as it is happening at the same time as the president is pulling back enforcement and easing regulations on the industry. The Trump Organization said in January that the president's investments, assets and business interests would be held in a trust managed by his children. The White House and the Trump Organization did not immediately respond to requests for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up World Liberty has raised the money by selling so-called governance tokens, which give holders the right to vote on changes to the project's underlying code and to signal their opinion on its direction and plans. They cannot be traded. During the interview on Wednesday, when Blockworks co-founder Jason Yanowitz asked whether the token would become tradable, Folkman said: 'I don't want to give away too much, but if you pay attention over the next couple of weeks, I think everyone ... is going to be very, very happy.' Folkman said that WLF would also be launching an app that would make crypto seamless for everyday investors to use. He said the company's stablecoin recently just got its first attestation report from an accounting firm and that it would be posted on its website 'within the next few days'. 'We are going to have very transparent auditing from a financial level,' he said. REUTERS
Bloomberg
16 hours ago
- Business
- Bloomberg
Trump's World Liberty Token Draws Accumulators' Attention, Co-Founder Says
World Liberty Financial Inc., the Trump family affiliated decentralized finance platform, is getting a 'lot of interest' from public companies wanting to use its token as a treasury asset, according to co-founder Zak Folkman. Folkman made the comments at Permissionless, a crypto industry conference in New York on Wednesday. He also announced the launch of a new World Liberty Financial App.
Yahoo
17-04-2025
- Business
- Yahoo
Trump-Family Backed World Liberty Gets $25M Investment From DWF Labs
DWF Labs is investing $25 million in World Liberty Financial (WLFI), the decentralized finance protocol backed by U.S. President Donald Trump and his family. The crypto market maker is also entering the U.S. market with a new office in New York City as part of its broader expansion plans, according to a press release on Wednesday. By establishing a physical presence in the U.S., DWF aims to work more closely with traditional financial institutions, expand its local workforce and engage more directly with U.S. regulators. The firm also plans to deepen ties with American colleges and universities to promote education on cryptocurrencies. The WLFI token purchase gives DWF Labs a governance stake in the project, which includes USD1, the project's soon-to-launch stablecoin backed by short-term U.S. Treasury bills, cash, and equivalents. DWF Labs said it will supply liquidity for the USD1 ecosystem, using its trading infrastructure to support activity on both centralized and decentralized platforms. Zak Folkman, co-founder of WLFI, said DWF's involvement is expected to accelerate 'the next-generation infrastructure we're actively building and deploying at WLFI.' DWF Labs Managing Partner Andrei Grachev, meanwhile, said that the firm's physical presence in the U.S. reflects its confidence in 'America's role as the next growth region for institutional crypto adoption.' WLFI is positioning USD1 as a stable, institutional-grade stablecoin designed to meet rising demand from 'sovereign investors and major institutions.' Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
DWF Labs buys Trump-linked WLFI tokens worth $25M
DWF Labs, the crypto market maker and Web3 investment firm, purchased $25 million in World Liberty Financial (WLFI) governance tokens in a strategic private transaction, the firm announced on Apr. 16. The statement said the firm aims to drive liquidity to USD1, the USD-pegged stablecoin launched by World Liberty Financial. It also announced its strategic expansion to the U.S. with a new office in New York City. DWF Labs said it also plans to strengthen institutional partnerships with banks and financial institutions exploring blockchain integration and enhance regulatory engagement with U.S. policymakers. World Liberty Financial co-founder Zak Folkman said, 'As our partner, we expect DWF Labs to help accelerate the next-generation infrastructure we're actively building and deploying at WLFI.' World Liberty Financial is a decentralized finance (DeFi) protocol in which the Trump family holds a 60% stake. While President Donald Trump himself is the chief crypto advocate at the project, his sons Eric, Donald Jr., and Barron act as ambassadors. The USD1 stablecoin is one of the first projects launched by the DeFi protocol. It is 100% backed by short-term U.S. government treasuries, USD deposits, and other cash equivalents. The stablecoin has a market cap of $127.78 million as of Apr. 16, as per CoinMarketCap. As per Arkham, World Liberty Financial owns more than $93 million in tokens, including $25.42 million in USDC, $13.69 million in Wrapped Bitcoin, $12.58 million in Ethereum, $10.98 million in USDT, and $10.35 million in TRX. The crypto market cap has declined 3.7% over the last 24 hours to $.273 trillion on Apr. 16. Sign in to access your portfolio
