Former President of the United States and current Republican presidential candidate Donald Trump has announced that his crypto project World Liberty Financial will be officially launched on September 16.
In a video on X (formerly Twitter), Trump confirmed the launch, with his sons, Donald Jr. and Eric Trump, taking over management of the platform.
Innovation through DeFi
World Liberty Financial is focused on the future of financial innovation through cryptocurrency, according to Trump, who called traditional banks “slow and outdated.” The platform will revolve around decentralized financial services (DeFi) that give users access to digital wallets, credit options and the ability to borrow or lend money.
A central component of the project is a non-transferable governance token, which will likely be used to manage financial services on the platform. In addition, there will be a strong focus on stablecoins, pegged to the US dollar, that can be used within the DeFi space.
Possible collaboration with Aave and Ethereum
According to documentation from World Liberty Financial, there is talk of a possible partnership with the popular DeFi protocol Aave, which suggests that the platform could be built on the Ethereum blockchain. This blockchain is one of the most widely used networks for DeFi projects and provides the platform with a solid foundation for further development.
Trump and the crypto world
The crypto community has increasingly embraced Trump in recent times, partly due to his promises to support the crypto sector if he runs again. Trump has also indicated that he plans to replace current Securities and Exchange Commission (SEC) Chairman Gary Gensler, due to his crackdown on crypto companies.
Criticism and challenges
Despite the positive reception within the crypto community, there have been some critical voices. Nic Carter, a partner at Castle Island Ventures and a Trump supporter himself, called the project “a huge mistake” and raised concerns that Trump’s entourage is simply trying to capitalize on his recent bullish stance on crypto.
In addition, the project has faced security issues. On September 4, the X accounts of Trump’s daughter-in-law Lara and daughter Tiffany were hacked, with fraudulent links allegedly related to World Liberty Financial being posted. The platform’s official Telegram group has also had to issue multiple warnings about fake ads and giveaways.
Source: https://newsbit.nl/donald-trump-lanceert-cryptoplatform-world-liberty-financial-op-16-september/
