Former U.S. President Donald Trump, alongside his children and business partners, launched a new cryptocurrency platform on Monday. However, details about the platform remain limited.
Platform Overview
The cryptocurrency project, announced during a two-hour online presentation, introduced a system allowing users to purchase “official coins” to vote on platform-related decisions. The launch proceeded as planned despite an alleged assassination attempt on Trump the previous day at his golf course in West Palm Beach, Florida.
World Liberty Financial
The platform, named World Liberty Financial, aims to offer services based on decentralized exchange mechanisms. This system eliminates the need for intermediaries like banks for financial transactions with third parties. Decentralized exchanges use blockchain technology, which maintains a public, tamper-proof ledger of transactions.
Features and Services
World Liberty Financial will enable users to lend or borrow digital currencies among themselves. This feature mirrors services already provided by platforms like Aave. Trump’s son, Donald Trump Jr., described the platform as a “financial revolution” during a session streamed on X (formerly Twitter).
Stablecoins and Accessibility
Founders Zachary Volkman and Chase Hero, noted figures in the cryptocurrency sector, revealed that the platform will primarily use “stablecoins” backed by traditional currency, usually the dollar. This approach aims to minimize the volatility often associated with cryptocurrencies not tied to real-world assets.
Ownership and Distribution
The project leaders plan to offer coins that grant holders governance rights on the platform. Of the total coins, 63% will be available to the public, 20% allocated to the founding team, and the remainder used as rewards for users. No timeline for the project’s rollout has been provided.
Trump’s Evolving Stance on Cryptocurrency
During his presidency, Trump labeled cryptocurrencies as fraudulent. However, he has since shifted his stance, presenting himself as a “Bitcoin-supporting” candidate if elected in November. This positions him in opposition to the Biden administration, which supports regulating the cryptocurrency sector.
