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Trump's cryptocurrency project receives $100 million from a UAE fund.

Source:

Bloomberg

A little-known cryptocurrency fund has purchased $100 million in World Liberty Financial tokens. It is the second Middle Eastern investor to invest in the Trump family's decentralized finance (DeFi) platform.

UAE-based Aqua 1 Foundation said it purchased the so-called governance tokens in a joint statement with World Liberty on Thursday.

This investment makes Aqua 1 the largest individual investor in the Trump-backed digital asset project, surpassing crypto entrepreneur Justin Sun, who is also an advisor to World Liberty.

In May, MGX, a technology investment firm established by Abu Dhabi's sovereign wealth fund, used the World Liberty stablecoin (USD1) to facilitate its $2 billion investment in the cryptocurrency exchange Binance. The investment by foreign entities with ties to sovereign states has sparked outrage among critics of the Trump administration over the potential for influence peddling. The administration and World Liberty have said there is no conflict of interest.

Developing Blockchain Financial Applications

Blockchain data shows that a digital wallet called aqua1.eth received a total of 800 million World Liberty Tokens (WLFI) in three installments about two weeks ago.

The investment will be used to develop blockchain-powered financial applications, including stablecoins and the digitization of traditional assets, according to the statement.

Read also: Cryptocurrency Firms Attract Democrats to Advance Their Agenda in Congress

World Liberty announced last year that it plans to launch a cryptocurrency lending app. It currently has only one product—USD1, a dollar-backed stablecoin with a market cap of approximately $2.2 billion after its use in the Binance transaction.

The statement added that World Liberty Financial also plans to support the launch of Aqua 1, a UAE-based investment fund in partnership with other Emirati investors, without naming any of the Middle Eastern partners.

In a victory for Trump's agenda, the Senate approves legislation regulating stablecoins. Read the details.

Dave Lee, co-founder of Aqua 1, said in the statement: "WLFI and Aqua 1 will work together to identify and nurture high-potential blockchain projects." A World Liberty representative confirmed this collaboration.