The DeFi platform World Liberty Financial (WLFI), associated with Donald Trump, plans to establish a strategic cryptocurrency reserve. This was announced by the company’s founder, Chase Herro, at the Ondo Finance summit in New York, as reported by Bloomberg.
Donald Trump Jr., the president’s son, personally introduced the entrepreneur and two other WLFI co-founders, Zachary Folkman and Zak Witkoff, before a joint panel discussion.
According to Herro, the reserve will include 340,000 ONDO tokens acquired shortly before. He did not specify the role the announced structure will play.
On February 3, the company transferred nearly all its accumulated crypto assets, amounting to $307.41 million, to the custodial platform Coinbase. The team described their actions as “routine portfolio management procedures.”
According to Arkham, at the time of writing, the total value of tokens in the company’s own wallets stands at $35.2 million.
Blockworks reports that WLFI allegedly engaged in “behind-the-scenes deals” for mutual investment exchanges with TRON and Movement Labs. Representatives of the projects denied the information.
Earlier in February, the “presidential meme coin” TRUMP fell by 75% from its peak.