Former US President Donald Trump, along with his sons and businessmen, launched a cryptocurrency platform, without revealing many details about it.
Little was known about the Trump family's cryptocurrency project during a two-hour online presentation, except for an offer to allow people to buy "official coins" that would allow them to vote on decisions related to the platform, according to Agence France-Presse.
The event went ahead according to plan despite an alleged assassination attempt on Trump last Sunday at his golf course in West Palm Beach, Florida.
The discussion, which largely touched on politics, said that World Liberty Financial aims to offer services based on what is known as a decentralized exchange, a mechanism that eliminates the need for an intermediary such as a bank to conduct financial transactions with a third party.
The decentralized exchange is built on so-called blockchain technology, which keeps a theoretically open but tamper-proof ledger of financial transactions. World Liberty Financial will enable users to lend or repay cryptocurrency to or from one person to another, a service already offered by several platforms, most notably Aave.
Former President Donald Trump Jr.’s son described the platform as “the beginning of a financial revolution,” during a session broadcast on the X platform. Zachary Volkman and Chase Herro, two of the project’s founders and known as prominent cryptocurrency entrepreneurs, explained that the platform primarily uses “stablecoins” backed by a traditional currency, most often the dollar.
As a result, the currency will not be subject to the high volatility experienced by cryptocurrencies that are not pegged to real currencies. Volkman said that World Liberty Financial seeks to attract people to cryptocurrencies by creating a platform that is easily accessible.
The project leaders said they will sell tokens that will give their owners a stake in the platform. 63% of the tokens will be available to the public, 20% will be reserved for the founding team, and the rest will be allocated as rewards to users, but no timeline has been revealed for the project.
Trump has called cryptocurrencies a scam during his presidency, but has since shifted his position, presenting himself as a “Bitcoin president” if elected in November, putting him at odds with President Joe Biden’s administration, which has been pro-regulation of the sector.