Trump-Backed DeFi Project Acquires $20M in Crypto Ahead of White House Summit

Coin WorldThursday, Mar 6, 2025 4:17 pm ET

1min read

World Liberty Financial, a decentralized finance (DeFi) project backed by the Trump family, recently acquired over $20 million worth of digital assets just ahead of the White House’s first crypto summit on March 7. The digital wallet associated with World Liberty purchased $10.1 million worth of Ether (ETH), $9.9 million worth of Wrapped Bitcoin (WBTC), and $1.68 million of Movement Network’s MOVE token two days before the summit.

World Liberty Financial was launched in September, during the lead-up to the US presidential election. The project aims to allow crypto holders to buy, sell, and earn interest on their holdings without the need for centralized intermediaries. Eric Trump, the son of President Donald Trump, has expressed optimism about the project, stating that it will revolutionize the DeFi and CeFi sectors and shape the future of finance.

Despite the ambitious goals, World Liberty has faced controversy. In February, a report claimed that the project was offering to sell its forthcoming WLFI tokens to other projects in exchange for purchasing their tokens. However, World Liberty clarified on social media that it was not selling any tokens but rather reallocating assets for ordinary business purposes.

The timing of World Liberty’s latest cryptocurrency acquisition coincides with the highly anticipated White House crypto summit on March 7. This summit is the first of its kind and will feature roundtable discussions between crypto industry leaders and members of President Trump’s Working Group on Digital Assets.

Adding to the intrigue, crypto czar David Sacks took to social media on March 6 to criticize the US government’s past sales of Bitcoin (BTC). He pointed out that the government earned $366 million from these sales, but the stockpile would be worth over $17 billion today. Sacks emphasized that this highlights the cost to American taxpayers of not having a long-term strategy for cryptocurrency.

Sacks’ comments have fueled speculation that the Trump administration might formally recommend establishing a strategic crypto reserve, with a special status given to Bitcoin. This potential move underscores the growing importance of cryptocurrency in the global financial landscape and the need for a coherent strategy to manage digital assets.

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