Former US President Donald Trump, his sons and businessmen launched a cryptocurrency platform on Monday, but without revealing many details.
Little was known about the Trump family's cryptocurrency project during a two-hour online presentation, except for an offer to let people buy "official coins" that would allow them to vote on decisions related to the platform.
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 what is called âblockchainâ technology, which keeps a record of financial transactions theoretically open but not tamper-proof.
World Liberty Financial will enable users to lend or repay cryptocurrencies 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 will primarily use "stablecoins" backed by a traditional currency, most often the dollar.
As a result, the currency will not be subject to the large fluctuations experienced by cryptocurrencies that are not pegged to real currencies.
Volkman said World Liberty Financial seeks to attract people to cryptocurrencies by creating an easily accessible platform.
The project leaders say they will sell coins that will give their owners the right to participate in managing the platform, with 63% of them available to the public, 20% allocated to the founding team, and the remaining part allocated as rewards to users. No timetable for the project has been revealed.
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