World Liberty Financial, a cryptocurrency project backed by President-elect Donald Trump, purchased Ethereum (CRYPTO: ETH) worth $10 million on Wednesday.

What Happened: According to on-chain tracking platform Lookonchain, World Liberty Financial spent $10 million worth of stablecoin USD Coin (CRYPTO: USDC) to buy 2,631 ETH at a per-unit price of $3,801. With this grab, its total ETH holdings shot up to around 14,571, worth over $56 million at the current market price.

The project also bagged $1 million in Chainlink (CRYPTO: LINK), and $1 million in Aave (CRYPTO: AAVE.), on-chain data showed.

The purchases were made through the World Liberty Multisig wallet, with the funds being converted from USDC.

The World Liberty Financial team didn't immediately return Benzinga's request for clarification on these purchases.

Why It Matters: Launched in September as a hard fork of the popular decentralized finance protocol Aave, World Liberty Financial is being promoted as a money market that will allow users to borrow, lend, and earn interest on cryptocurrencies.

The WLFI token would serve as the platform's governance token, enabling users to engage in borrowing, lending, and other DeFi activities.

Initially targeting a $300 million raise through the token presale, the platform reduced its goal to $30 million in October due to limited demand.

As of this writing, the project has raised $55.69 million, according to a Dune Analytics dashboard, bolstered by a $30 million investment by cryptocurrency mogul Justin Sun, who eventually became the project's advisor.

Trump and his family have aggressively promoted the project, and a firm associated with the President-elect, DT Marks DEFI, LLC, would receive 75% of the protocol revenues.

Price Action: At the time of writing, Ethereum was exchanging hands at $3,935.93, rallying 7.48% in the last 24 hours, according to data from Benzinga Pro.

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