Trump Crypto News: World Liberty Financial to be launched

Akansha Sahu

13-09-2024

Trump Crypto News: World Liberty Financial Launches on Sept 16

Former President and current Republican presidential candidate Donald Trump has announced the launch of his new crypto project, World Liberty Financial. In a video posted to X (formerly Twitter) on September 12, Trump confirmed that the project would officially go live on Monday, September 16. He emphasized that the project, run by his sons Donald Jr. and Eric Trump, aims to modernize financial systems by embracing cryptocurrency and decentralized finance (DeFi).

“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump declared in the video, signaling his focus on the innovative potential of blockchain technology.

Trump Crypto Project: Features and Vision of World Liberty Financial

According to reports, World Liberty Financial will be a DeFi platform offering several services, including digital wallets, credit accounts, and opportunities for borrowing and lending cash. The platform will also provide token-based investments in assets like cryptocurrency. Additionally, it has been suggested that a governance token, which will not be transferable, will play a role in platform decision-making.

Trump Crypto Project Goals

One of the main goals of World Liberty Financial appears to be the expansion of U.S. dollar-pegged stablecoins in the DeFi space. The project is expected to integrate with existing DeFi protocols, with rumors of a collaboration with Aave, suggesting the platform may be built on the Ethereum blockchain.

Trump Crypto Project: Reactions and Challenges

While Trump has garnered strong support within the crypto community, especially after his promise to create clearer regulations if re-elected, the project has not been without controversy. Some question the timing of the launch, coming just 50 days before the presidential election.

Nic Carter, a Trump supporter and partner at Castle Island Ventures, expressed concern over the project. He stated, “It looks like Trump’s inner circle is cashing in on his recent embrace of crypto in a naive way.”

Furthermore, the project has faced security issues. On September 4, scammers hacked the X accounts of Donald’s daughter-in-law Lara Trump and daughter Tiffany Trump, posting fake links related to the venture. Despite these challenges, Trump’s World Liberty Financial is moving forward with its highly anticipated launch.

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