<\/p>\n
Enrollment for the Donald Trump-backed crypto project is underway, the former president announced Monday.\u00a0<\/p>\n
Details about World Liberty Financial, the DeFi project Trump and his family have been teasing for months, have been slow to emerge.\u00a0<\/p>\n
Know-your-customer (KYC<\/a>) verification has now begun, Trump said in a post<\/a> on X Monday. At least, for some prospective investors.\u00a0<\/p>\n Because of \u201coutdated\u201d regulations, the whitelist is only available to accredited investors in the US, the project confirmed in the World Liberty Telegram channel Monday. A second whitelist will be available for \u201cnon-US persons.\u201d\u00a0<\/p>\n Read more: <\/strong>Donald Trump touts new family DeFi project<\/a><\/p>\n \u201cWe\u2019re fighting for changes so all Americans can access World Liberty Financial and join the financial revolution,\u201d the statement said.\u00a0<\/p>\n In a livestream<\/a> lasting nearly two and a half hours earlier this month, World Liberty founders said that the native token WLFI would soon come to market. They also revealed how the asset will be divided<\/a>.\u00a0<\/p>\n WLFI\u2019s distribution will be 20% to the founding team\/Trump<\/a> family, 17% toward \u201cuser rewards,\u201d and 63% for public purchase. A leaked draft<\/a> of World Liberty\u2019s plans previously stated that 70% of tokens would be reserved for project leaders.\u00a0<\/p>\n The team behind the project includes Trump\u2019s sons, Donald Jr., Eric and Barron. Chase Herro and Zachary Folkman are also involved.\u00a0<\/p>\n Herro, who describes himself as \u201cthe dirtbag of the internet\u201d founded the now-shuttered crypto trading firm Pacer Capital. Folkman and Herro also collaborated on building Dough Finance, the Aave-based DeFi platform that was exploited over the summer for $2 million.\u00a0<\/p>\n The current KYC process asks users to confirm their country of residence, link their ethereum wallet, submit a proof of identification and complete a \u201cliveness check.\u201d\u00a0<\/p>\n Accredited investors, per Securities and Exchange Commission guidelines<\/a>, are those with a minimum net worth of $1 million and individual income of $200,000. Couples can qualify with a combined income of $300,000.\u00a0<\/p>\n The requirement for US-based investors to be accredited was not mentioned during the Sept. 16 World Liberty livestream.<\/p>\n Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter<\/a>.<\/strong><\/p>\n Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter<\/a>.<\/strong><\/p>\n
\n