Currently, WLFI has three main businesses: a stablecoin USD1 pegged to the US dollar, a cryptocurrency called WLFI, and a public company that holds WLFI.
Original article: Meet Trump's inner crypto circle: Eric, Don Jr.—and a lot of tattoos
Author: fortune
Compiled by: Vernacular Blockchain (ID: hellobtc)
On a sweltering mid-August day in New York City, Eric Trump and Donald Trump Jr. pushed open the door to a conference room at the Trump Organization. The two sons of President Donald Trump sat around a sleek black marble conference table on the 25th floor of Trump Tower. Between them sat Zach Witkoff, son of real estate magnate Steve Witkoff and currently serving as Trump's special envoy to the Middle East.
They were gathered for a rare media interview. Along with other advisers and executives, the trio hoped to promote World Liberty Financial (WLFI) , the heart of the Trump family's lucrative cryptocurrency business, and its latest $1.5 billion deal. But first, they had to banter with each other.
“I looked up to him,” Witkoff said of the 47th president. “I named my first son, Don, after him.”
Donald II responded with mock indignation: "Wait, I thought it was..." He paused, suggesting that he thought it was he, not his father, who inspired Witkoff's naming choice.
The joke continued, with Chase Herro, co-founder of the Trump family’s crypto business, interjecting with mock sympathy: “It’s too bad to find out about this in the middle of an interview.”
The ambition to build a crypto giant
Jokes aside, the Trump sons, along with Witkoff and Herro, and his business partner, Zach Folkman, shoulder a significant responsibility as leaders of the Trump family's crypto think tank. Their mission is to build WLFI , launched in October 2024, into a cryptocurrency giant —despite numerous glaring conflicts of interest.
Currently, WLFI has three main businesses: a stablecoin pegged to the US dollar, USD1; a cryptocurrency called WLFI; and a public company that holds WLFI. Those who purchase WLFI can participate in the development of future WLFI financial products. The public company, created through a partnership with a former biotech company, primarily provides traditional investors who don't use crypto exchage with the opportunity to gain exposure to WLFI by purchasing shares.
The whole enterprise is a hot project, a blend of tokens and financial alchemy, all while generating significant profits. WLFI announced in March that it had raised $550 million through a direct sale of WLFI tokens, while its USD1 stablecoin has a market capitalization of $2.2 billion—from which the Trump family business earns interest. Furthermore, a deal with a former biotech company has raised an additional $1.5 billion from investors to purchase WLFI tokens, reportedly valuing the total token supply at $20 billion.
The collision of formal wear and tattoos
In a spacious 25th-floor conference room overlooking Central Park, Eric and Donald II detailed these businesses. They were clearly well-versed in cryptocurrencies, skillfully referring to Bitcoin, Ethereum, and payment rails. Even more striking, however, was the sight of the sharply dressed Eric and Donald II sitting side by side with the heavily tattooed crypto natives.
Eric, Donald II, and Witkoff wore suits and blue ties. Crypto co-founder Herro, meanwhile, wore a light beige T-shirt and olive jeans. His right arm appeared to have a tattoo of a Greek statue, among other tattoos. Folkman, wearing a black long-sleeved shirt and stylish sweatpants, had a butterfly tattooed on his left hand, among other designs. WLFI appears to have two uniforms: business formal or crypto casual.
From golf courses to crypto alliances
The details of the story of how the Trump family teamed up with a group of crypto veterans are unclear, but it began on a golf course.
About two years ago, in the summer of 2023, Herro, a longtime crypto businessman and self-proclaimed “cyber nomad,” was invited to Shell Bay Club, a private golf club outside Miami owned by the Witkoff family. Herro wouldn’t reveal who invited him but described his host as “a wonderful young man” and a friend of Donald J.
While the heavily tattooed Herro was on the court, Zach Witkoff happened to drive by. "He could see I was a little off," Herro said. "He said, 'Listen, come sit with me.' And then, in the golf cart, we just started chatting."
That chance encounter blossomed into a business connection. The Witkoffs introduced Herro and his longtime business partner, Zach Folkman, who previously ran a company called "Date Hotter," to the Trumps. The two families subsequently partnered with Herro and Folkman, announcing the partnership during a September livestream event where the host described the two as " two cypherpunks ."
During the same livestream, Zach's father, Steve Witkoff, attempted to reassure viewers, urging them not to judge people by their appearance.
"They looked a little different than us, and they dressed a little different than us," he said. "I've met traders from all over the world, and these two guys were as smart as any currency trader."
However, any discomfort caused by the Trumps' sartorial differences with the crypto-punks disappeared amid the excitement surrounding their burgeoning new business. The Trumps and Witkoff proudly declared their stablecoin, USD1, to be "the fastest-growing stablecoin ever." This may be true, despite the fact that over 90% of the stablecoin's market capitalization stems from a massive deal with Binance, the world's largest crypto exchage. This transaction involved an Abu Dhabi venture capital firm investing $2 billion in Binance, paid out in USD1. Zach Witkoff announced the deal on May 1st, and Binance has yet to redeem the USD1, meaning WLFI continues to earn interest on the funds.
Now, the Trump family crypto venture, which has 20 to 30 employees, is planning to launch a crypto lending protocol and decentralized finance (DeFi) applications. Folkman declined to say when these products would launch.
summary
The influx of funds and Trump-branded crypto products has raised alarm bells among ethics experts, who believe WLFI provides a direct path to the family's purse for those seeking the president's favor. When asked about these ethical dilemmas, Eric Trump shrugged them off. "I keep them separate," he said of his business and personal relationships with his father. " But I think he would be proud of what we've done. "
Zach Witkoff, Herro, and Folkman are also proud of their crypto company. Herro has the WLFI logo—a geometric eagle—tattooed on the back of his neck. Folkman has a similar tattoo on his left forearm. Witkoff admits to having one too. According to Matt Morgan, an advisor to the Trump family's crypto project, it appears to have originated from a night out, where he was in the meeting room.
When asked where his tattoo is, Witkoff was evasive. "He might have a homeless tattoo above his hip!" Folkman joked, referring to the tattoo above his hip. [The following appears unrelated and likely a separate topic:] ...
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