TLDR
- Donald Trump’s family is launching a crypto project called World Liberty Financial on September 16, 2024.
- The project aims to embrace cryptocurrencies and move away from traditional banking.
- World Liberty Finance is led by Trump’s sons Eric and Donald Jr., with Barron Trump as the “DeFi visionary.”
- The project plans to include a credit account system built on Aave and the Ethereum blockchain.
- World Liberty Financial intends to promote U.S. dollar-pegged stablecoins globally.
World Liberty Financial, a new cryptocurrency project backed by the Trump family, is set to launch on September 16, 2024.
Former President Donald Trump announced the project’s debut in a video posted on social media platform X, formerly known as Twitter.
The project, spearheaded by Trump’s sons Eric and Donald Jr., aims to embrace cryptocurrency technology and move away from traditional banking systems.
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024
Barron Trump, the former president’s youngest son, is reportedly involved as the project’s “DeFi visionary.”
World Liberty Financial plans to offer a range of decentralized finance (DeFi) services, including a credit account system built on the Aave platform and the Ethereum blockchain.
This system is designed to facilitate decentralized borrowing and lending, allowing users to store money in digital wallets and invest in various crypto assets.
A key feature of the project appears to be the promotion of U.S. dollar-pegged stablecoins. The team behind World Liberty Financial has expressed intentions to “spread U.S.-pegged stablecoins around the world” in an effort to maintain the dominance of the U.S. dollar in the global financial system.
The project’s whitepaper, which has been circulated in draft form, outlines plans for a “credit account system” that will enable users to borrow and lend funds in a decentralized manner.
The platform is expected to introduce a non-transferable governance token, though specific details about this token’s functionality have not been disclosed.
Donald Trump, who is currently running for the Republican presidential nomination, has positioned the project as a step towards financial innovation.
“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump stated in his announcement video.
The launch of World Liberty Financial comes at a time when Trump has been expressing support for the cryptocurrency industry. He has promised clearer regulations and criticized current Securities and Exchange Commission (SEC) policies if elected president in November.
However, the project has faced mixed reactions from the crypto community. Some industry figures have questioned the timing of the launch, which comes just 50 days before the U.S. presidential election.
Nic Carter, a partner at Castle Island Ventures and a Trump supporter, expressed concerns about the project, calling it a “huge mistake” and suggesting it might be damaging the goodwill Trump has built with the crypto industry.
The project has also faced challenges from scammers and hackers. Several fake advertisements and giveaways have attempted to capitalize on the hype surrounding World Liberty Financial.
The project’s official Telegram group has had to issue warnings about these scams, and even family members’ social media accounts have been compromised in attempts to spread fraudulent links.
Despite these challenges, the Trump family appears committed to moving forward with the launch. The project’s debut on September 16 is expected to provide more concrete details about its features, functionality, and long-term goals.
