DWF Labs buys WLFI tokens
Trump family owns 60% of coin issuer
UAE company one of largest holders
DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump.
The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics.
It said in a statement that it bought $25 million of World Liberty Financial (WLFI) governance tokens in a “strategic private transaction”.
The US president is listed as “chief crypto advocate” of World Liberty. He and his family own 60 percent of the holding company that controls it.
Steven Witkoff, Washington’s Middle East envoy, co-founded World Liberty.
World Liberty says it is part of a “financial revolution dismantling the stranglehold of traditional financial institutions”, and aims to broaden people’s access to financial solutions.
It plans to launch a dollar-pegged stablecoin, for which DWF said it aims to drive liquidity and adoption.
Though WLFI tokens cannot be traded, DWF said the transaction made the UAE company one of the largest known holders of its tokens.
“WLFI tokens can be unlocked in the future if the community decides, and we believe that it will definitely happen, sooner or later,” Andrei Grachev, DWF’s founder and managing partner, said in an email to Reuters.
World Liberty said last month it had raised $550 million selling the so-called governance tokens.
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