Trump's cryptocurrency project World Liberty Financial sold $550 million worth of tokens

Donald Trump's family's cryptocurrency project World Liberty Financial has raised $250 million in its second token sale, bringing the total amount of coins sold to $550 million, CNBC reports.

WLFI, a crypto banking platform backed by the first family, launched in October 2024, just weeks before Trump won the election. In a statement released at the time of launch, WLFI said the Trump family could receive 75% of the net proceeds.

WLFI reports that more than 85,000 participants have passed the "know your customer" check to gain access to the token sale. The platform’s co-founder Zach Witkoff, son of billionaire Steve Witkoff, said that "WLFI is on track to supercharge DeFi," or decentralized finance.

According to a White House memo released last week, David Sachs, the head of the Trump administration's artificial intelligence and cryptocurrency division, sold more than $200 million in digital asset investments, both personally and through his company Craft Ventures, before taking the job.

In late February, the U.S. Securities and Exchange Commission (SEC) declared that memecoins are not securities. This statement came after President and First Lady Melania Trump issued their own memecoins before their inauguration.

WLFI is one of several crypto projects launched by the Trump family before his victory in the US presidential election. Donald Trump is currently supporting crypto-friendly policies. Earlier this month, the president signed an executive order creating the Strategic Bitcoin Reserve.