Former U.S. President Donald Trump, along with his sons and a group of entrepreneurs, launched a new cryptocurrency platform on Monday, though details were kept sparse. The launch event, which lasted two hours, focused on introducing the platform, offering digital “tokens” that allow users to have a say in platform decisions.
Despite an alleged assassination attempt on Trump at his West Palm Beach golf club just a day prior, the event continued as planned. The new platform, called World Liberty Financial, aims to provide decentralized financial services. Decentralized finance, or DeFi, is a system that eliminates the need for traditional intermediaries like banks by using blockchain technology to facilitate secure, transparent transactions.
One of the platform’s primary features will allow users to lend or borrow cryptocurrencies from one another, similar to existing platforms like Aave. During the online presentation, Donald Trump Jr. described this initiative as the beginning of a “financial revolution.”
Zachary Folkman and Chase Herro, two prominent cryptocurrency entrepreneurs leading the project, shared that the platform will mainly use stablecoins. These coins are backed by traditional currencies, usually the U.S. dollar, making them less volatile than other cryptocurrencies.
The project aims to make cryptocurrencies more accessible to the general public by creating a user-friendly platform. Folkman emphasized their goal of attracting everyday users to the world of digital finance. The platform will sell tokens, giving holders governance rights, with 63% of these tokens available to the public. The remaining tokens will be divided between the founding team (20%) and user rewards.
No specific timeline for the project’s official launch was provided. Interestingly, Trump, who once dismissed cryptocurrencies as a scam during his presidency, has now shifted his stance. He promises to be a “pro-Bitcoin president” if re-elected in the upcoming election, positioning himself against the Biden administration’s more regulatory approach to the cryptocurrency sector.
