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Trump-Backed World Liberty Financial to Acquire TRX for its Treasury: Source
A Tron delegation will attend Trump's inauguration on Monday.
What to know:
- World Liberty Financial, the crypto project backed by Donald Trump's family, will acquire tron (TRX) for its treasury.
- The project has previously purchased tokens of partners Aave and Chainlink.
World Liberty Financial, the crypto project backed by the family of U.S. President-elect Donald Trump, plans to acquire tron (TRX) tokens for its treasury, according to a person familiar with the matter.
The prospective move would deepen World Liberty Financial's close ties to the Tron empire. Its founder Justin Sun already advises Trump's crypto project. He's also single-largest holder of its WLFI token, having bought $30 million in November.
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It's not clear how much TRX World Liberty plans to add to its reserve of cryptocurrencies. World Liberty's raised $90 million from sales of WLFI. Its previously parked seven-figure sums in AAVE and LINK, tokens issued by projects World Liberty's partnered with.
Trump is officially the "chief crypto advocate" of World Liberty Financial, which plans to offer crypto-financial services to the masses. His imminent return to the White House is being heralded as a watershed moment for the crypto industry.
Tron's along for the ride. A delegation from the project is slated to attend the inauguration on Monday. Tron also sponsored the industry's inaugural gala, the "crypto ball" on Friday night in Washington, D.C, a source told CoinDesk.
Trump's team didn't immediately respond to a request for comment, and neither did World Liberty Financial.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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