While it's not immediately clear how World Liberty Financial — the crypto project backed by President Donald Trump — and Sui Foundation will benefit from collaborating, the two organizations said Thursday they plan to collaborate.
"As WLFI and Sui begin to explore product development opportunities, WLFI plans to include Sui assets in 'Macro Strategy,' its strategic token reserve designed to bolster leading projects," Sui Foundation said in a blog post.
This is not the first crypto project to align itself with the relatively new decentralized finance platform WLFI linked to Trump. Last month, WLFI and tokenized real-world asset issuer Ondo Finance said they would begin collaborating. The same day, WLFI co-founder Chase Herro reportedly said the platform plans on creating a “strategic reserve” with the tokens it buys. Simultaneously, WLFI bought $470,000 worth of Ondo Finance's token, Bloomberg reported at the time.
After being initially teased by the president's sons Donald Trump Jr. and Eric Trump last August, WLFI launched late last year, ahead of the November presidential elections in which their father emerged victorious. Since taking over as president of the United States, Trump's new administration has been making several inroads capable of boosting the prospects of the crypto industry, especially domestically.
"We chose Sui for its American-born innovation combined with impressive scale and adoption. It is a natural complement to our mission of bringing decentralized finance to more Americans," said WLFI co-founder Zak Folkman, according to Thursday's blog post.
Leadership at Mysten Labs, the developer of the Sui Layer-1 protocol, also expressed an eagerness to work with the crypto project linked to President Trump.
"We are thrilled the World Liberty Financial team has agreed to explore collaborations with Sui," said Mysten Labs co-founder and CEO Evan Cheng.
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