Trump will launch World Liberty Financial on Sept. 16, offering DeFi services like digital wallets, lending, and governance tokens.
The platform aims to promote stablecoin use and may collaborate with DeFi protocol Aave, possibly using the Ethereum blockchain.
Hackers targeted accounts linked to World Liberty Financial ahead of its launch, raising cybersecurity concerns within the crypto community.
Donald Trump, the former president of the United States, has announced that his cryptocurrency venture, World Liberty Financial, will launch on Monday, September 16. In a video that was uploaded on September 12, Trump stated he will go live on X to introduce the platform, which will be run by his sons, Donald Jr. and Eric Trump,
Notably, the project seeks to adopt decentralized finance (DeFi) technologies and put traditional banking to the test. With his announcement, Trump has taken a major step in his relationship with the cryptocurrency sector.
https://twitter.com/realDonaldTrump/status/1834311432982135015 World Liberty Financial’s Features and Vision
Consequently, World Liberty Financial promises a number of DeFi services. These consist of a system of credit accounts, a digital wallet for storing money, the ability to borrow and lend money, and token-based investments in assets like cryptocurrencies.
Additionally, a nontransferable governance token will also be included in the platform, enabling users to take part in decision-making. The platform intends to incorporate US dollar-pegged stablecoins into its ecosystem as part of its mission to encourage their use.
However, talks about the project's possible effects on the DeFi industry have begun. There's growing talk of a potential partnership with the popular DeFi protocol Aave.
According to some reports, World Liberty Financial might be built on the Ethereum network. Trump's adoption of these innovative technologies may indicate a change in how he views the financial sector.
Support and Criticism from the Crypto Community
Notably, reactions to Trump's entry into the cryptocurrency space have been conflicting. Citing his pledge to create more transparent regulations and fire SEC Chair Gary Gensler, who has pursued enforcement actions against major cryptocurrency firms, many in the community have voiced support. However, some have greater doubts about the timing and motivations of World Liberty Financial.
Nic Carter, a Trump supporter and partner at Castle Island Ventures, expressed concerns about the project. He called it a possible blunder and hinted that Trump's team might be "cashing in" on his recent involvement in cryptocurrency. Carter added a warning, saying this might jeopardize the goodwill Trump has established in the cryptocurrency industry.
Furthermore, questions have been raised regarding the project's security after hackers posted phony links to the platform on the X accounts of Trump's daughter Tiffany and daughter-in-law Lara.
Cybersecurity Concerns and the Upcoming Election
On the other hand, many cybersecurity incidents have marred the run-up to the launch. The official World Liberty Financial Telegram group blasted scams and fake advertisements on August 30, hoping to capitalize on the project's increasing buzz.
Restore the Republic (RTR), a newly released memecoin, experienced a sharp increase in value, prompting Eric Trump to clarify that it was unrelated to World Liberty Financial. As the project's launch draws near, these incidents have prompted concerns about the security protocols in place and the possibility of additional attacks.
Furthermore, given that the project was released just 50 days prior to the US presidential election, some have questioned the timing of it. Due to Trump's dual focus on World Liberty Financial and his political campaign, there are worries that the project could divert attention from his reelection campaign. Trump is still optimistic about the project's ability to change the financial landscape in spite of these obstacles.
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