Former US President Donald Trump, alongside his sons and business partners, launched a cryptocurrency platform called World Liberty Financial in an online event on Monday night. The two-hour presentation offered limited details but introduced the concept of purchasing digital tokens, allowing holders to participate in platform decisions.
Despite an assassination attempt on Trump at his West Palm Beach golf club the day before, the event proceeded as planned.
The new venture, led by cryptocurrency entrepreneurs Zachary Folkman and Chase Herro, aims to offer decentralized finance (DeFi) services, enabling users to lend and borrow cryptocurrencies without intermediaries like banks.
The platform will primarily use stablecoins, which are cryptocurrencies tied to traditional assets like the US dollar to avoid volatility. World Liberty Financial is positioning itself as an accessible gateway to the crypto world, hoping to attract mass participation.
Donald Trump Jr. called the project “the start of a financial revolution” during the event, while the leadership team announced that 63% of the governance tokens would be sold to the public, 20% would go to the founding team, and the remaining portion would be distributed as rewards to users. No timeline for the platform’s official launch was disclosed.
This marks a significant shift in Donald Trump’s stance on cryptocurrencies, as he previously referred to them as scams during his presidency.
However, now, he presents himself as a “pro-Bitcoin president” ahead of the 2024 elections, positioning his views in contrast to the Biden administration’s more regulatory approach to the cryptocurrency sector.