Source: Cointelegraph Original: "{title}"
Cryptocurrency market maker DWF Labs has announced a $25 million investment in World Liberty Financial, a decentralized finance (DeFi) project supported by former U.S. President Donald Trump and his children, while the company establishes an office in New York City to expand its operations in the United States.
On April 16, Dubai-based DWF Labs stated that it had purchased World Liberty Financial (WLFI) tokens through a private transaction.
The company indicated that this transaction reflects its willingness to participate in WLFI governance. As a token holder, DWF Labs will be able to vote on decisions that affect the ecosystem.
WLFI is set to launch on September 16, 2024, aiming to promote DeFi and a stablecoin pegged to the U.S. dollar. At the launch ceremony, Trump stated, "This family is embracing the future through cryptocurrency, leaving behind the outdated large banks."
In addition to its investment in WLFI, DWF Labs stated that the collaboration will also include providing liquidity for the project's stablecoin, World Liberty Financial USD (USD1).
On March 24, the DeFi project launched USD1 on the BNB Smart Chain (BNB Chain) and Ethereum. However, the project team made it clear that the stablecoin is not yet open for trading.
DWF Labs is a market maker that provides liquidity to over 60 exchanges worldwide. Market makers help traders execute trades by providing liquidity. They accept or issue traders' orders, ensuring smooth trading operations.
This investment coincides with DWF's expansion in the United States. The market maker stated that it has established an office in New York City as part of its global expansion plan.
The company expects this expansion to improve its institutional partnerships with banks, asset management firms, and fintech companies. It also aims to strengthen interactions with U.S. regulators.
Since its launch in September last year, World Liberty Financial's DeFi protocol has raised over $600 million.
During its initial token sale, the company raised $300 million by selling 20 billion WLFI tokens. On March 14, the company sold an additional 5 billion tokens at a price of $0.05 each, reaching an additional $250 million target. This brings the total revenue from WLFI public token sales to $550 million.
On November 25 last year, Tron founder Justin Sun purchased 2 billion WLFI tokens for $30 million. The investment platform Web3Port also announced a $10 million investment in WLFI, while venture capital firm Oddiyana Ventures announced a strategic investment but did not disclose the specific amount.
Related: Reports suggest that Trump's next cryptocurrency plan will be to launch a game similar to Monopoly.
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