World Liberty Financial, a decentralized finance (DeFi) project endorsed by U.S. President Donald Trump, engaged in significant cryptocurrency transactions, deploying its reserves of USDC stablecoin to acquire MOVE tokens and wrapped Bitcoin (BTC).
The DeFi project also expanded its involvement in the crypto space by staking a substantial amount of Ethereum (ETH) and depositing funds into a lending protocol.
According to data from blockchain analytics firm Nansen, World Liberty Financial exchanged approximately $1.4 million worth of USDC to buy 2.52 million MOVE tokens. Additionally, the project used $5 million in USDC to acquire 52 wrapped BTC. Wrapped Bitcoin allows Bitcoin holders to participate in the Ethereum-based DeFi ecosystem by representing their BTC with an equivalent ERC-20 token.
MOVE is the native utility token of Movement Labs, which has reportedly been in talks with the Elon Musk-led Department of Government Efficiency. Despite rumors of close contact between Movement Labs and the Department of Government Efficiency, Movement Labs Founder Rushi Manche has indicated that the two entities are not in close contact.
Manche highlighted World Liberty Financial's latest MOVE token acquisition with a brief comment, "More," on a social media post by Onchain Lens.
In a move to further its DeFi strategy, World Liberty Financial also staked 2,221 ETH, valued at around $5.9 million, with Lido Finance, a staking solution provider. Additionally, the project deposited 5 million USDC into Aave's lending protocol, which is part of the DeFi ecosystem allowing users to lend and borrow cryptocurrencies.
This week's activities follow World Liberty Financial's earlier investments, where it had purchased 830,469 MOVE tokens and 1,917 ETH using its USDC holdings, as reported by SpotOn Chain.
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