Trump-backed World Liberty Financial aiming to form ‘strategic’ token reserve: report

World Liberty Financial co-founder Chase Herro said on Thursday that the platform plans on creating a “strategic reserve” with the tokens it buys, according to a report from Bloomberg.The DeFi project is famously backed by President Donald Trump and his family. The president's son Donald Trump Jr. appeared on stage alongside Herro at the Ondo Summit in New York on Thursday.World Liberty Financial bought $470,000 worth of Ondo Finance's token on Thursday, also according to Bloomberg. Herro didn't say what the reserve would be used for or how big it would be, also according to the report. During last year's presidential election, President Trump popularized the idea of creating a strategic bitcoin reserve.Earlier this week, President Trump’s “crypto czar” David Sacks outlined the administration’s pro-crypto agenda including the plan to evaluate creating a strategic bitcoin reserve.The project currently holds approximately $35 million in various tokens, an approximately 90% drawdown on its once sizable treasury after moving millions of dollars worth of tokens including AAVE, ENA, ETH, LINK and WBTC on Monday. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.