Former President Donald Trump, alongside his sons and cryptocurrency entrepreneurs, unveiled a new cryptocurrency platform on Monday. This was revealed during a two-hour online presentation despite recent apparent assassination attempt against Trump on Sunday at his golf club in West Palm Beach, Florida.
Although limited details was provided about the project during the event other than an offer to let people buy digital “tokens” giving them a vote in platform decisions.
The launch of World Liberty Financial marks a significant pivot in Trump’s stance on cryptocurrencies. Previously, during his presidency, Trump had labeled cryptocurrencies as a scam. However, he has since rebranded himself as a “pro-bitcoin president” in his bid for re-election, opposing the Biden administration’s regulatory approach to the sector.
World Liberty Financial, according to the presentation, will be based on decentralized finance (DeFi), a system that eliminates the need for traditional financial intermediaries like banks by using blockchain technology. DeFi aims to create an open, tamper-proof record of transactions, enabling users to lend or borrow cryptocurrencies directly from each other. This approach is reminiscent of existing services like Aave, which is known for offering similar functions.
Zachary Folkman and Chase Herro, key figures behind the project and established figures in the cryptocurrency world, emphasized that World Liberty Financial would primarily utilize “stablecoins.” These digital currencies are backed by traditional fiat currencies, such as the U.S. dollar, to mitigate the extreme volatility often associated with other cryptocurrencies.
Folkman highlighted the platform’s goal of making cryptocurrency more accessible to the general public. He stated, “World Liberty Financial want to attract the masses to cryptocurrencies, creating a platform that is easily accessible to everyone.”
The project plans to distribute tokens that confer governance rights over the platform. Of these tokens, 63% will be available to the public, 20% will be allocated to the founding team, and the remaining tokens will be set aside as rewards for users. However, no specific timeline for the platform’s launch was disclosed.
The former president’s son Donald Trump Jr. touted this as “the start of a financial revolution,” during a session streamed on X, (formerly Twitter).
