The Trump’s family-linked cryptocurrency initiative, World Liberty Finance, made a significant move, by converting its entire 102.9 cbBTC holdings to WBTC. The transaction took place on December 19 at 3:45 UTC+8 via Cow Protocol, totaling 103.149 cbBTC.
Justin Sun’s Role in World Liberty Finance
Justin Sun, the founder of TRON was selected as the advisor for World Liberty Finance in November end. He has been center of attention when World Liberty Finance comes into picture because of his $30 million investment in the Trump family-linked cryptocurrency initiative, through the TRON Foundation. The main aim of this partnership is to develop dominance in the DeFi space. He was the one who advised this transition from cbBTC to WBTC.
Strategic Implications of Bitcoin Conversion
The conversion of cbBTC to WBTC is significant since WBTC has been recently delisted or removed by Coinbase. Market Observers attribute this removal to Sun’s growing influence in the crypto ecosystem, highlighting his strategic role with World Liberty Finance. This move indicates a broader trend in leveraging decentralized tools for high-profile cryptocurrency projects.
The Bitcoin conversion from cbBTC to WBTC was made through Cow Protocol, a protocol known for its efficiency for large-scale trade that also provides secure pathway for the transactions.
World Liberty Finance’s involvement with Justin Sun for the their strategic moves indicates blending of political influence with blockchain innovation.
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