On Monday evening, former US President Donald Trump, along with his sons and a team of entrepreneurs, launched a new cryptocurrency platform, though details about the project were sparse.
The two-hour online presentation revealed little about the Trump family’s crypto initiative, except that it will allow users to purchase digital “tokens” which will provide them a say in platform decisions.
The launch proceeded despite an alleged assassination attempt on Trump at his golf club in West Palm Beach, Florida, the previous day.
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The new venture, World Liberty Financial, aims to operate within the realm of decentralized finance (DeFi), a system that removes traditional intermediaries like banks from financial transactions. DeFi relies on blockchain technology to maintain a transparent yet secure record of transactions.
World Liberty Financial will facilitate peer-to-peer lending and borrowing of cryptocurrencies, a service already available on platforms such as Aave.
Donald Trump Jr. described the initiative as “the start of a financial revolution” during a session broadcast on X (formerly Twitter).
The project’s key figures, Zachary Folkman and Chase Herro, both seasoned cryptocurrency entrepreneurs, indicated that the platform would primarily use “stablecoins”—cryptocurrencies backed by traditional currencies, typically the dollar.
This approach aims to mitigate the volatility often associated with digital currencies.
World Liberty Financial seeks to make cryptocurrency more accessible to the general public, with plans to issue tokens that grant governance rights on the platform.
Of these tokens, 63 percent will be available to the public, 20 percent will be allocated to the founding team, and the remaining will be used as rewards for users.
The timeline for the project’s rollout was not disclosed.
Notably, Trump had previously dismissed cryptocurrencies as a scam during his presidency.
However, he has since shifted his stance, positioning himself as a pro-bitcoin advocate if re-elected, contrary to the Biden administration’s stance favoring increased regulation of the crypto sector.
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