Trump-linked WLFI establishes crypto custody subsidiary

World Liberty Financial (WLFI), a DeFi project associated with the Trump family, has established a new subsidiary called World Liberty Trust, Bloomberg reported. The move follows WLFI's previous application for a U.S. banking license. If approved, World Liberty Trust will be able to function as a bank in specific areas, including asset custody. WLFI CEO Zach Witkoff, son of President Trump's Middle East envoy Steve Witkoff, is set to chair the new company's board. The firm also plans to fill its currently vacant Chief Financial Officer (CFO) position soon.