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Trump to Launch World Liberty Financial Crypto Platform
Former President Donald Trump announced that his new crypto platform, World Liberty Financial, will launch on September 16. In a video posted on X (formerly Twitter), Trump revealed that the project will be run by his sons, Donald Jr. and Eric Trump.
A Focus on DeFi and Stablecoins
Trump described the platform as embracing the future of Decentralized Finance (DeFi), moving away from traditional banking. The project aims to provide users with digital wallets, credit accounts, and the ability to borrow, lend, and invest in crypto assets.
World Liberty Financial has also hinted at promoting stablecoins—cryptocurrencies linked to the U.S. dollar—and a potential partnership with the DeFi protocol Aave, suggesting the platform could be built on the Ethereum blockchain.
Crypto and Trump’s Presidential Campaign
Trump has gained strong support from the crypto community, especially after his promises to regulate the industry more clearly if re-elected. He has also vowed to remove SEC chair Gary Gensler, who has been active in enforcing regulations against crypto firms.
Criticism and Security Concerns
Despite the excitement, some have criticized the timing of the project, which is launching just 50 days before the election. Nic Carter, a Trump supporter and partner at Castle Island Ventures, called the project a “huge mistake,” suggesting it might harm the goodwill Trump has gained in the crypto world.
The project has also faced security challenges. On September 4, hackers took over the X accounts of Trump’s daughter-in-law Lara Trump and daughter Tiffany Trump, posting fake links related to World Liberty Financial.
The platform’s Telegram group had to combat several scam ads and fake giveaways, while Eric Trump had to clarify that a separate memecoin, Restore the Republic (RTR), had no connection to World Liberty Financial.
Footnote:
- Decentralized Finance (DeFi): A financial system that operates without central authorities like banks, using blockchain technology instead.
- Stablecoins: Cryptocurrencies designed to maintain a stable value, often tied to a traditional currency like the U.S. dollar.
- Ethereum Blockchain: A decentralized platform known for supporting smart contracts and decentralized applications (dApps).
