Meet World Liberty Financial, Donald Trump's new cryptocurrency venture
Former US President Donald Trump, along with his sons and a team of entrepreneurs, has launched a new cryptocurrency platform named World Liberty Financial. The platform aims to democratize access to cryptocurrencies, and foster financial independence among users. World Liberty Financial is designed to provide services based on decentralized finance (DeFi), a system that eliminates the need for intermediaries like banks in transactions.
It is underpinned by blockchain tech
This DeFi approach is underpinned by blockchain technology, a secure and transparent method of recording transactions. The platform will allow users to lend/borrow cryptocurrencies directly from each other, a feature already available on several existing platforms.
Trump Jr. hails venture as 'start of a financial revolution'
Donald Trump Jr, during a session streamed on X, described the launch of World Liberty Financial as "the start of a financial revolution." The platform's key figures, Zachary Folkman and Chase Herro, revealed that it would primarily use "stablecoins." These are digital currencies pegged to traditional currencies like the US Dollar, providing stability against the often volatile swings seen in other cryptocurrencies.
World Liberty Financial's token distribution and governance
The leaders of World Liberty Financial plan to sell tokens that grant owners voting rights in the platform's governance. They intend to distribute 63% of these tokens to the public, allocate 20% to the founding team, and reserve the remaining as rewards for users. However, no specific timeline has been provided for this project.
Trump's shift from cryptocurrency skeptic to proponent
Trump's venture into the cryptocurrency sector marks a significant shift in his stance. During his presidency, he had labeled cryptocurrencies as a scam. However, he has since reversed his position and now identifies himself as a "pro-bitcoin president." This change aligns him against the current Biden administration, which is perceived as favoring regulation of the cryptocurrency sector.
