Trump Crypto Project Gets $30 Million Investment From Justin Sun – BNN Bloomberg
Controversial Chinese crypto entrepreneur Justin Sun recently made headlines by investing $30 million in President-elect Donald Trump’s World Liberty Financial, becoming the project’s largest investor. In a tweet on Monday, Sun, founder of the cryptocurrency firm Tron, expressed his belief that the U.S. is becoming a blockchain hub, crediting President Trump for Bitcoin’s success. Sun emphasized that the investment is not politically motivated, but rather based on the project’s potential to offer innovative solutions for decentralized lending and governance.
World Liberty Financial, the decentralized finance project backed by Trump, expressed excitement over the momentum it has been experiencing, with Sun’s significant investment being highlighted as a sign of early success. The project aims to promote freer and fairer finance by leveraging blockchain technology.
It’s worth noting that Sun has faced legal challenges in the past, with the U.S. Securities and Exchange Commission suing him for alleged violations of securities rules. While Sun maintains that the accusations lack merit, the lawsuit underscores the regulatory scrutiny facing the crypto industry.
Interestingly, the project’s $300 million offering of tokens is primarily marketed offshore, with only $30 million planned for sale in the U.S. Trump’s interest in digital assets is evident, as reports suggest his involvement in discussions to acquire digital asset marketplace Bakkt Holdings Inc. through Trump Media & Technology Group Corp., which owns Truth Social, a social media platform.
World Liberty Financial boasts a lineup of notable figures in the crypto space, including Paxos co-founder Rich Teo and Polychain’s Luke Pearson. With Trump as the chief crypto advocate and his sons as web3 ambassadors, the project is positioned to capitalize on the growing interest in decentralized finance.
In a surprising move, Sun recently made headlines by purchasing a banana duct-taped to a wall by Italian artist Maurizio Cattelan for $6.2 million, showcasing his appetite for unique investments.
Despite the news of Sun’s investment, Tron’s TRX token saw a slight dip in price, dropping about 5% to around 20 cents on Monday. However, the token has experienced an overall 87% increase in value this year, reflecting the ongoing volatility in the crypto market.
