Former United States President Donald Trump, along with his sons and several entrepreneurs, launched a new cryptocurrency platform on Monday. The two-hour online presentation provided limited details about the Trump family’s latest venture, except for the announcement that digital “tokens” would be sold, allowing buyers to vote on platform decisions.
The launch proceeded as scheduled, despite an assassination attempt on Trump at his golf club in West Palm Beach, Florida, just a day before the event.
The new platform, known as World Liberty Financial, aims to offer services built on decentralised finance (DeFi) technology. This innovative financial system eliminates the need for traditional intermediaries like banks, enabling users to conduct transactions directly with one another, according to the discussion during the launch.
The project’s key figures, Zachary Folkman and Chase Herro, both established names in the cryptocurrency industry, revealed that World Liberty Financial would primarily operate using “stablecoins.” Unlike many digital currencies that experience significant volatility, stablecoins are tied to traditional currencies, most often the U.S. dollar, providing more stability for users.
The platform’s ultimate goal is to make cryptocurrencies accessible to the general public, with a user-friendly interface. Decentralised finance, or DeFi, is powered by blockchain technology, which maintains an open yet secure record of transactions.
World Liberty Financial will offer lending and borrowing services for cryptocurrencies, similar to those provided by other platforms like Aave.
During the launch, Donald Trump Jr. described the initiative as “the start of a financial revolution,” emphasizing the transformative potential of the platform.
Project leaders also shared that tokens would be sold to give holders the ability to participate in the platform’s governance. Sixty-three percent of these tokens will be offered to the public, while 20 percent will be allocated to the founding team. The remaining portion will be reserved as user rewards.
Although the launch event generated significant interest, no specific timeline for the project’s full rollout was announced.
While Trump once dismissed cryptocurrencies as a “scam” during his presidency, he has since dramatically shifted his stance. Now presenting himself as a “pro-bitcoin president” in his bid for re-election, Trump’s newfound support for digital currencies stands in stark contrast to the Biden administration, which advocates for increased regulation of the sector.
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