Former US President Donald Trump, along with his sons and several entrepreneurs, launched a cryptocurrency platform late Monday, though few details were provided.
During the two-hour online presentation, little information was shared about the Trump family’s crypto project, except for an offer allowing people to purchase digital “tokens” that would grant them voting rights in platform decisions.
The event proceeded as scheduled despite an apparent assassination attempt on Trump at his golf club in West Palm Beach, Florida, on Sunday.
World Liberty Financial, the platform’s name, aims to provide services based on decentralized finance (DeFi), which eliminates the need for intermediaries like banks in third-party transactions, according to the politically charged discussion.
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Decentralized finance, or DeFi, is built on blockchain technology, which maintains an open yet tamper-proof record of transactions.
World Liberty Financial will allow users to lend or borrow cryptocurrencies from one another, a service already available on platforms like Aave.
Donald Trump Jr. described this initiative as “the start of a financial revolution” during the session, which was streamed on X (formerly known as Twitter).
Zachary Folkman and Chase Herro, key figures behind the project and established cryptocurrency entrepreneurs, announced that the platform would primarily use “stablecoins,” which are linked to traditional currencies, usually the US dollar.
Because stablecoins are tied to real-world money, they avoid the extreme volatility that often affects digital currencies not backed by tangible assets.
Folkman explained that World Liberty Financial aims to make cryptocurrency accessible to the general public, offering an easy-to-use platform.
The project leaders also revealed plans to sell tokens that would give holders governance rights on the platform. Of these tokens, 63% will be available to the public, 20% will go to the founding team, and the remaining portion will be reserved as rewards for users.
However, no timeline for the project’s launch was provided.
While Trump once referred to cryptocurrencies as a scam during his presidency, he has now shifted his stance, promising to be a “pro-bitcoin president” if elected in November. This puts him in direct opposition to the Biden administration, which has pushed for increased regulation in the cryptocurrency sector.
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