Trump Launches World Liberty Financial: A New Crypto Venture
Former President Donald Trump has revealed plans to launch his cryptocurrency project, World Liberty Financial, on September 16.
He emphasized a shift towards cryptocurrency, claiming that it would allow users to bypass traditional banking systems. In a video shared on X, Trump stated that the initiative will be overseen by his sons, Donald Jr. and Eric Trump.
World Liberty Financial appears to be positioned as a decentralized finance (DeFi) platform, facilitating borrowing and lending. According to a white paper associated with the project, it will offer features such as digital wallets for storing funds, a credit account system, and mechanisms for users to lend or borrow cash.
The project also mentions the introduction of a nontransferable governance token.
Despite some enthusiasm within the crypto community, opinions on the timing and viability of the project are mixed. Critics have raised concerns about launching a crypto platform while Trump campaigns for the presidency again, as the launch date falls just 50 days before the election.
Nic Carter, a Trump supporter and venture capital partner, described the endeavor as a “huge mistake,” arguing that it risks damaging relationships within the crypto industry.
The platform aims to promote the use of U.S. dollar-pegged stablecoins within the DeFi space. Trump has indicated a potential partnership with the DeFi protocol Aave, suggesting that World Liberty Financial may operate on the Ethereum blockchain.
The venture has faced challenges, including an increase in scams targeting individuals associated with the project.
In recent weeks, hackers compromised the social media accounts of Trump’s family members, promoting fraudulent links related to World Liberty Financial. I
In response, the official Telegram group for the project has issued warnings against fake advertisements and giveaways.