Former United States President Donald Trump, along with his sons and business partners, unveiled a new cryptocurrency platform on Monday, providing limited details during a two-hour online presentation.
The platform, World Liberty Financial, aims to offer decentralized finance services, leveraging blockchain technology to facilitate transactions without traditional intermediaries such as banks. The project is endorsed by Trump's son, Donald Trump Jr., and led by established cryptocurrency entrepreneurs Zachary Folkman and Chase Herro.
The platform will utilize "stablecoins," which are backed by traditional currencies, to mitigate the volatility commonly associated with untethered digital currencies.
World Liberty Financial aims to democratize access to cryptocurrencies, making the platform easily accessible to the public. The project plans to sell tokens granting governance rights, with the majority offered to the public and the remaining allocated to the founding team and as user rewards. However, no specific timeline for the project was disclosed.
Interestingly, Trump's stance on cryptocurrencies has shifted since his presidency, as he now presents himself as a "pro-bitcoin" figure. This contrasts with the Biden administration's perceived inclination towards regulating the sector.
Despite the lack of detailed information during the launch event, the platform's potential impact on the cryptocurrency landscape and financial industry is notable.