By Elizabeth Howcroft, Rae Wee and Michelle Conlin PARIS/SINGAPORE (Reuters) - The crypto project connected to President Donald Trump, World Liberty Financial, raised $1 billion in token sales, the company said on Monday,

Within hours, TRUMP skyrocketed in value, climbing from pennies to over $50, with a market cap over $10 billion. The coin now ranks among the world’s top 20 digital assets, attracting both investors and critics. Trump’s business arm holds 80% of the tokens, set to release gradually during his presidency.

Awaiting Trump’s return to office, the cryptocurrency industry was thrilled by the president’s promises to provide clear-cut regulatory guidelines that would help the sector grow while easing the volatility it’s become notorious for.