Former U.S. President and 2024 Republican presidential candidate Donald Trump has announced the upcoming launch of his crypto platform, World Liberty Financial. The project, which has been hinted at for months, will officially debut on September 16, 2024. Trump made the announcement in a video posted on X (formerly Twitter), where he revealed that the platform will be managed by his sons, Donald Trump Jr. and Eric Trump. In his announcement, Trump emphasized that the platform would focus on decentralization and modernizing finance by moving away from traditional banking models.
According to the project’s white paper, World Liberty Financial is designed as a decentralized finance (DeFi) platform that offers digital wallets, a credit account system, and peer-to-peer lending. The platform will allow users to borrow, lend, and invest using various digital assets, including tokens that can be used to invest in cryptocurrency markets. A unique feature of the platform is a non-transferable governance token, which will enable users to participate in decision-making processes within the platform.
“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” he said!!!!!!!!!!!!!!!!!
The project has also garnered attention due to its use of U.S. dollar-pegged stablecoins, which the Trump team views as a way to bolster the global dominance of the U.S. dollar. The platform is reportedly being built on the Ethereum blockchain, with a potential partnership with the DeFi protocol Aave, suggesting that the Trump family aims to leverage well-established technology in the cryptocurrency world.
While Trump’s entry into the crypto space has attracted significant support from some within the industry—especially given his campaign promises of clearer regulations and a pro-crypto stance—there has been some criticism. Industry insiders like Nic Carter, a Trump supporter and partner at Castle Island Ventures, have voiced concerns about the timing and potential impact of the project. Carter expressed that the move could be seen as a “huge mistake,” especially since the launch comes just 50 days before the 2024 U.S. presidential election.
Furthermore, World Liberty Financial has faced security challenges, with hackers targeting family members’ social media accounts to promote fake crypto-related schemes. These incidents have raised concerns about the project’s vulnerability to fraud, as scammers have attempted to capitalize on the growing buzz around the launch.
Despite these challenges, Trump remains committed to the project, promoting it as part of his broader vision for the future of U.S. finance, particularly through the use of stable-coins and decentralized technologies.
