Former US President Donald Trump, along with his sons and entrepreneurs, launched a cryptocurrency platform late Monday, but provided little information.
During a two-hour online presentation, little was revealed about the Trump family’s cryptocurrency project other than an offer to allow consumers to buy digital “tokens” that would give them a vote in platform choices.
Despite an apparent assassination attempt on Trump on Sunday at his golf club in West Palm Beach, Florida, the function went ahead as scheduled.
World Liberty Financial plans to provide services based on so-called decentralized finance, a system that eliminates the need for an intermediary, such as a bank, to carry out transactions with a third party, according to the politically charged conversation.
Decentralized finance, or DeFi, is built on so-called blockchain technology, which maintains a theoretically open but tamper-proof record of transactions.
World Liberty Financial will allow users to lend or borrow bitcoins from one another, a service already available on many platforms, like Aave.
During a session broadcast on X, formerly Twitter, the former president’s son Donald Trump Jr. referred to it as “the beginning of a financial revolution.”
Zachary Folkman and Chase Herro, the project’s founders and seasoned cryptocurrency entrepreneurs, stated that the site would predominantly use “stablecoins,” which are backed by a real currency, most commonly the dollar.
As a result, they are not subject to the often severe fluctuations that digital currencies that are not linked to real-world money face.
Folkman stated that World Liberty Financial’s goal is to draw the public to cryptocurrencies by developing a readily accessible platform.
Project organizers announced they would sell tokens that allow owners the opportunity to participate in the platform’s governance, with 63% provided to the public, 20% going to the founding team, and the remainder set aside as user rewards.
The project’s schedule was not announced. During his administration, Trump referred to cryptocurrencies as a hoax, but he has now shifted his stance, positioning himself as a “pro-bitcoin president” if elected in November.
In doing so, he is opposing the Biden administration, which is viewed as a proponent of sector regulation.
Written by Jennifer Amarachi
