Trump to Unveil World Liberty Financial Crypto Platform on Monday

September 13, 2024 08:32 PM AEST | By Team Kalkine Media

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Trump to Unveil World Liberty Financial Crypto Platform on Monday — Image source: shutterstock

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Donald Trump has announced that his new cryptocurrency project, World Liberty Financial, will officially launch on Monday, September 16. The former President and Republican presidential candidate revealed the launch date in a video posted to X on September 12. The project will be managed by his sons, Donald Jr. and Eric Trump.

In his announcement, Trump emphasized the platform's aim to modernize financial transactions by moving away from traditional banking systems. "We’re embracing the future with {crypto} and leaving the slow and outdated big banks behind," Trump stated.

World Liberty Financial has been positioned as a decentralized finance (DeFi) platform, offering a range of services including digital wallet storage, credit accounts, and the ability to borrow and lend cash. Users will also have the option to invest in assets, including cryptocurrencies, through the platform. A non-transferable governance token is also expected to be part of the project.

The platform is reportedly exploring the use of US dollar-pegged stablecoins in its DeFi ecosystem. Additionally, there have been hints of a possible partnership with the DeFi protocol Aave, suggesting that World Liberty Financial might operate on the Ethereum blockchain.

Trump's support for the cryptocurrency industry has been well-received among some crypto enthusiasts, especially with his promise to reform regulatory frameworks if re-elected. He has vowed to implement clearer regulations and to remove Securities and Exchange Commission Chair Gary Gensler, who has been active in enforcing regulations against large crypto firms.

However, the announcement has stirred mixed reactions. Some critics, like Nic Carter of Castle Island Ventures, have labeled the project as a "huge mistake," suggesting that Trump's involvement may undermine the goodwill the industry has built. Additionally, World Liberty Financial has faced issues with scammers, including hacks of Trump family members' social media accounts and fraudulent advertisements.

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