Former US President Donald Trump, along with his sons and prominent entrepreneurs, has introduced a new cryptocurrency platform, World Liberty Financial.
The platform was unveiled during a two-hour online presentation on Monday, September 16, 2024.
World Liberty Financial aims to capitalize on decentralized finance (DeFi), a system that bypasses traditional banking intermediaries, allowing direct peer-to-peer financial transactions.
The platform will utilize blockchain technology, which provides a secure, transparent, and tamper-proof ledger of transactions.
The platform’s primary services will include lending and borrowing cryptocurrencies, a feature already available on other platforms like Aave.
Donald Trump Jr. described the launch as “the start of a financial revolution,” in a session streamed on X (formerly known as Twitter).
Zachary Folkman and Chase Herro, seasoned cryptocurrency entrepreneurs and key figures behind the project, explained that World Liberty Financial would rely heavily on stablecoins, digital currencies backed by traditional assets such as the US dollar.
Stablecoins are considered less volatile compared to other cryptocurrencies that are not tied to real-world money.
Folkman emphasized that the goal of World Liberty Financial is to make cryptocurrency accessible to the general public. The project will offer tokens, granting holders governance rights over the platform. Of the total tokens available, 63% will be offered to the public, 20% will be reserved for the founding team, and the remainder will be distributed as user rewards.
Although no specific timeline for the project was disclosed, the former president’s involvement marks a significant shift in his stance on cryptocurrency. During his time in office, Trump was critical of digital currencies, referring to them as a scam.
However, he now positions himself as a “pro-Bitcoin president,” contrasting with the Biden administration’s regulatory approach to the sector ahead of the upcoming November elections.