Former U.S. President Donald Trump, alongside his sons and prominent entrepreneurs, launched a new cryptocurrency platform called "World Liberty Financial" on Monday, September 16. The platform, presented in an online event, aims to promote decentralized finance (DeFi) and empower users to participate in financial decisions using digital tokens.
During the two-hour livestream event, Trump, the Republican presidential nominee, headlined the launch. However, limited details were shared about the platform itself, aside from the offer of purchasing digital tokens that give holders a vote in decision-making on the platform.
Donald Trump Jr., who was part of the unveiling, explained that World Liberty Financial is designed to offer services in decentralized finance, allowing users to engage in transactions without the need for intermediaries like banks. The project intends to provide financial security and freedom in transactions, positioning itself as a major player in the digital asset space.
DeFi, built on blockchain technology, keeps a transparent and secure record of transactions, ensuring users can lend or borrow cryptocurrencies directly from one another. Donald Trump Jr. described the venture as the beginning of a "financial revolution," underscoring its potential impact on the economy.
The platform will primarily use stablecoins—cryptocurrencies tied to traditional currencies like the U.S. dollar. Stablecoins provide a more stable value compared to other digital currencies, which can experience significant price fluctuations. Zachary Folkman and Chase Herro, the entrepreneurs leading the project, emphasized that World Liberty Financial aims to make cryptocurrencies more accessible to the general public.
Tokens sold on the platform will grant ownership rights, giving users a say in how the platform is governed. Sixty-three percent of the tokens will be offered to the public, with 20 percent reserved for the founding team and the rest as rewards for users.
Although no official timeline for the platform's launch was disclosed, the initiative marks a significant shift in Donald Trump's stance on cryptocurrencies. During his presidency, Trump was critical of digital currencies, labeling them a "scam." However, he has since changed his view and now positions himself as a "pro-bitcoin president" if elected in the upcoming November election.
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