Jokes aside, as the leaders of the Trump family’s crypto think tank, Trump’s two sons, Witkov, Hero, and his business partner Zack Folkman, bear significant responsibilities. Their task is to transform WLFI, established in October 2024, into a cryptocurrency giant despite numerous apparent conflicts of interest.
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At present, WLFI has three main businesses: a stablecoin USD1 pegged to the US dollar, a cryptocurrency called WLFI, and a publicly traded company holding WLFI. People who purchase WLFI can participate in the development decisions of future WLFI financial products. And this listed company was created through a collaboration with a former biotechnology company, mainly providing traditional investors who do not use cryptocurrency trading platforms with the opportunity to gain WLFI exposure by purchasing stocks.
The entire enterprise is a popular project that combines tokens and financial alchemy, while also making a lot of money. WLFI announced in March that it had raised $550 million through direct sales of WLFIToken, and the market value of its USD1 stablecoin has reached $2.2 billion – earning interest for the Trump family business. In addition, the transaction with the former biotechnology company raised an additional $1.5 billion for investors to purchase WLFIToken, reportedly valuing the total supply of tokens at $20 billion.