Key Points:
- World Liberty Financial plans to create a token reserve following President Trump’s recent executive action on digital asset stockpiling.
- Donald Trump Jr. reinforced the Trump administration’s support for digital assets at Ondo Finance’s summit.
World Liberty Financial, the decentralized finance (DeFi) venture co-founded by Chase Herro, is planning to establish a “strategic reserve” by acquiring tokens, though specific objectives for the reserve remain unclear.
Read more: Trump-Backed World Liberty Financial Seeks Major Crypto Token Swap Deals
World Liberty Financial Plans Token Reserve
According to Bloomberg, Herro discussed the plan during Ondo Finance’s inaugural summit in New York, where he appeared alongside co-founders Zak Folkman and Zach Witkoff. Donald Trump Jr. introduced Herro at the event.
Witkoff, the son of real estate developer and Trump ally Steve Witkoff, played a key role in connecting the financial project’s founders with the Trump family before being tapped for a diplomatic role in the Middle East.
Trump Jr.’s presence at the summit, held Thursday at Jazz at Lincoln Center, signalled the administration’s efforts to engage with the cryptocurrency industry. His appearance came after World Liberty Financial purchased $470,000 worth of ONDO, the token associated with Ondo Finance, earlier that day.
DeFi Project Yet to Launch, Focuses on Asset Purchases
Despite being promoted as a DeFi lending platform, World Liberty Financial has yet to launch its services. Instead, it has primarily been recognized for acquiring niche digital assets.
Earlier in the week, the platform added tens of millions of dollars worth of Ether after a sharp decline in crypto markets triggered by the U.S. president’s brief imposition of tariffs on Mexico and Canada.
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