Former U.S. President Donald Trump has announced that his cryptocurrency project, World Liberty Financial, will officially launch on September 16. In a video shared on X (formerly Twitter) on September 12, Trump revealed that he would personally go live on the platform to introduce the project, which will be managed by his sons, Donald Jr. and Eric Trump.
“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in his video statement. He has previously hinted at World Liberty Financial being a decentralized finance (DeFi) platform focused on borrowing and lending.
Key Features of World Liberty Financial
According to a white paper, the project will offer users the ability to store funds in digital wallets, establish credit accounts, borrow and lend funds, and invest in assets such as cryptocurrencies. Additionally, the platform is expected to feature a non-transferable governance token.
World Liberty Financial has also expressed intentions to increase the use of U.S. dollar-pegged stablecoins within the DeFi space. The project has teased a possible partnership with the DeFi protocol Aave, which suggests that the platform might be built on the Ethereum blockchain.
Mixed Reactions from the Crypto Community
Trump’s announcement has garnered mixed reactions within the crypto space. While some are optimistic due to Trump’s growing support for the industry, others are skeptical. Notably, Nic Carter, a Trump supporter and partner at Castle Island Ventures, criticized the project, calling it a "huge mistake." Carter expressed concern that Trump's team might be capitalizing on his recent crypto advocacy in a way that could damage his relationship with the industry.
Some critics have questioned the timing of the project, given that it is set to launch just 50 days before the presidential election, during which Trump is running for office.
Security Issues and Scams
The project has also faced a series of security threats and scams. On September 4, scammers hacked the X accounts of Trump’s daughter-in-law Lara Trump and daughter Tiffany Trump, posting fraudulent links claiming to be associated with World Liberty Financial. Additionally, the project's official Telegram group had to denounce fake ads and giveaways that were attempting to exploit the excitement surrounding the launch.
On August 8, Eric Trump had to clarify that a memecoin called Restore the Republic (RTR) was not affiliated with World Liberty Financial after it unexpectedly surged by $155 million within hours of its release.
As the launch date approaches, all eyes are on whether World Liberty Financial will make a significant impact in the crypto space or face more challenges along the way.
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