Trump-Backed Crypto Project Buys $470K ONDO Tokens; Donald Jr. Speaks at Ondo Summit

World Liberty Financial, a crypto project backed by the Trump brand, has made a significant move in the digital asset landscape. The project, which provides borrowing and lending services, has purchased $470,000 worth of ONDO tokens, the native currency of the newly announced Ondo Chain. This acquisition comes as the Ondo Chain, a product of Ondo Finance, aims to accelerate the creation of institutional-grade financial markets on-chain.

The purchase was made by a wallet linked to the World Liberty Financial project, which has received backing from former President Trump and his son, Donald Trump Jr. In a surprising turn of events, Donald Trump Jr. was announced as the closing speaker at the Ondo Summit event, further solidifying the connection between the Trump brand and the Ondo Chain project.

Ondo Finance, the company behind the Ondo Chain, has stated that the new layer-1 blockchain is purpose-built for institutional-grade real-world assets (RWAs). The project aims to provide top asset managers with the ability to tokenize their assets, leading to increased transparency, reduced fraud, and the opportunity for clients to earn yield. Notable institutions such as Franklin Templeton, Wellington Management, WisdomTree, and Google Cloud have served as design advisors for the Ethereum Virtual Machine-compatible chain.

The Ethereum-based ONDO token has since become the 33rd biggest cryptocurrency, with a market cap of $4.3 billion, according to CoinGecko. This development highlights the growing interest and potential of tokenizing real-world assets in the crypto space, with institutions in the traditional finance world increasingly recognizing the benefits of blockchain technology in this arena.