A wallet linked to the President Trump-backed crypto project World Liberty Financial has scooped up millions of dollars in Wrapped Bitcoin and Ethereum ahead of a White House crypto summit.
Blockchain data tracker Arkham Intelligence pointed out the transactions on X on Wednesday: The wallet in question bought nearly $10 million in Ethereum (ETH), $10 million in Wrapped Bitcoin (WBTC), and $1.5 million in Movement (MOVE) tokens. WBTC is an Ethereum-based token, backed by Bitcoin, that allows traders to use their BTC on DeFi apps.
The World Liberty Financial purchases come ahead of the White House’s first-ever crypto summit on Friday, which is expected to be attended by industry bigwigs.
Following the transactions on Wednesday, Sui, a prominent crypto project launched by ex-Meta engineers, announced it would team up with World Liberty Financial to “explore the innovative opportunities.” The Sui blockchain is the network behind the 19th biggest cryptocurrency, SUI.
SUI is now trading for $2.81, up 11% in the past 24 hours, according to CoinGecko.
The announcements come as the Trump administration dives further into the fast-moving crypto space. On Sunday, President Trump said the government would buy a number of digital coins and tokens—including Bitcoin, Ethereum, and Solana—to hold in reserves.
Prices surged for those assets and others immediately thereafter, but then fell on Monday and Tuesday amid broader market turmoil—including fears that trade tariffs against Canada and Mexico will have negative economic impacts.
President Trump campaigned with a pro-crypto agenda, and was backed by tech and digital asset entrepreneurs.
World Liberty Financial was one of the Trump-backed crypto ventures launched ahead of the Republican’s new presidency: a DeFi—or decentralized finance—project backed by the leader and his family that runs on Ethereum and will provide borrowing and lending services.
DeFi is a highly experimental sphere in the crypto industry that wants to make traditional financial services like borrowing and earning interest on savings automated by various blockchain-powered apps.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source link
Mathew Di Salvo
https://decrypt.co/308966/world-liberty-buys-bitcoin-ethereum-trump-crypto-summit
2025-03-06 18:25:53
