While Steve Witkoff has gone around the world as President Trump, his son Zach took his similar international share: promoting the cryptocurrency company that he shares with the Trump family.
Zach Witkoff, 32, and associates of World Liberty Financial (WLF), a company he co -founded last year during which the Trump family holds a 60%participation, was in talks with officials of the United Arab Emirates, in Pakistan, Malaysia and Kyrgyzstan on agreements involving its stablecoin, USD1.
In a few months, this has become the fifth largest stablecoin in the world – a virtual currency set for a stable asset, in this case the US dollar – with a market capitalization of 2.2 billion dollars, a paid commission in Witkoff and Trumps Whenever he changes hands.
The involvement of the Trump family, including the president, who appears on the first page of the WLF website, has raised questions about the property of the American president’s family benefiting from lucrative commercial transactions in the opaque world of cryptocurrency transactions. Trump recently reversed skepticism about industry, saying that he was “a big fan of cryptography” and wanted America to be the world hub.
Its largest transaction occurred a few weeks ago when its documents were used for an agreement of $ 2 billion between MGX, a sustained company from Abu Dhabi, to take a participation in Binance, the largest exchange of crypto in the world, shortly before Trump’s professional visit in the state of the GULF this month. MGX, an investment company in AI and technology, is led by Sheikh Tahnoon Bin Zayed Al-Nahyan, the national security advisor Emirati.
Steve Witkoff had attended a yacht celebration organized by Binance to Water last December while renewing his contacts in the Gulf in preparation for his role of peace of the Middle East of Trump.
Steve Witkoff and his son at the National Republican Convention last year in Milwaukee, Wisconsin
Hannah Beier / Bloomberg / Getty Images
His son’s agreement was announced at a crypto conference alongside President Eric Trump’s son, who obtained a seat on the board of directors of WLF Holdco at the end of last year.
“This is just an incredible country,” said Witkoff Jr in a speech, addressing thousands of crypto enthusiasts at the Madinat Jumeirah Seaside Resort in Dubai. Trump Jr had previously announced a plan to build a Trump brand tower in Dubai and a golf course in neighboring Qatar.
The founder of Binance, Changpeng Zhao, also known as CZ, resigned from his post as director general in December 2023 before serving a four-month sentence in the United States for accusations of money laundering. Zhao sought a forgiveness for the Trump administration and a return from his business to the American market.
Witkoff Jr, Center, with its co-founder of Liberty World, Zak Folkman, on the left, and the co-founder of Binance Changpeng Zhao
Pakistan Crypto Council / Instagram
A few weeks after his son’s agreement, Witkoff SR and Nahyan announced their own agreement, giving water access to advanced American computer flea.
One of WLF’s main investors is the cryptographic entrepreneur of Chinese origin Justin Sun, who won $ 75 million and has become a works councilor. On Thursday, he was invited VIP to Trump’s private dinner for buyers of his personal meme piece. Democrats accuse the president of taking advantage of his office and authorizing cryptographic entrepreneurs to buy access. The White House press secretary Karoline Leavitt replied that he was “absurd for anyone to insinuate that this president takes advantage of the presidency”.
Democrats are not the only ones to see blurred lines between Trump and associated cryptographic companies. The WLF signed a letter of intent last month with Pakistan Crypto Council to “accelerate blockchain innovation, the adoption of Stablecoin and the integration of decentralized finances (DEFI) through Pakistan”.
This described the WLF as “the DEFI platform supported by American president Donald Trump”, showing the indistinct lines between the involvement of the Trump family and the White House, at least in the spirit of the Pakistani management.
The letter marked a diplomatic coup for Pakistan, which was nervous about a Trump’s presidency after $ 300 million in military aid was suspended in 2018, when he accused the country not to do enough to combat militant groups.
But Trump seems to have warmed considerably in the country, which is considered to be talks on rare land and the United States minerals were potentially worth billions of dollars. Speaking to Fox News last week, Trump said about Pakistan: “They would like to exchange. They are brilliant people and make incredible products.”
Within Trump-Witkoff’s family ties
By Lara Spirit
President Trump with his Middle East envoy Steve Witkoff earlier this month
White House / Daniel Torok
Little in Trump’s government can claim a closer and more reliable relationship with the president than his envoy from the Middle East Steve Witkoff.
“A person like Donald Trump has a lot, a lot, a lot of knowledge, much too much to name or count,” said Susie Wiles, the Chief of the White House Staff, at the Atlantic last week. “But I think he would say very few real friends outside his family, and Steve must be the first among the equals there.”
Four decades ago, the couple met in a delicatessen in Manhattan when Witkoff, 68, was associated with Dreyer & Traub’s law firm. Witkoff quickly followed Trump in real estate investment, amazing a fortune of $ 2 billion.
Today, Witkoff is Trump’s trust in the most insoluble diplomatic problems, including the Middle East, war and Russia-Ukraine negotiations to limit Iran’s nuclear program.
The relationship of the pair – and those between family members – was put under the spotlight this week after new details emerged from the cryptocurrency company involving their sons. Zach Witkoff, 32, leads the cryptocurrency firm World Liberty with his brother Alex.
World Liberty mainly belongs to a business entity in the Trump family. Eric Trump, who runs the family business, and Donald Trump JR, another of the president’s sons, are involved in the business.
Zach and his wife, Sophi Knight, model and actress, recently appointed their new son Don, after the president. Trump and Melania, the first lady, were present at the couple’s wedding in Mar-A-Lago in 2022.
Steve Witkoff’s circle in Washington is small but he sits at the heart of the Nexus Trump. Donald Trump Jr. did not hide his family’s debt to the envoy. “When many false friends ran for the hills after the 2020 elections,” he told CNN, “Steve has always remained faithful to my father and our whole family and it is something that we will never forget.”
