Trump Launches Cryptocurrency Platform

Former U.S. President Donald Trump, alongside his sons and leading cryptocurrency entrepreneurs, introduced a new digital finance platform late Monday, signaling his entry into the cryptocurrency space.

In a two-hour online event, Trump unveiled World Liberty Financial, a decentralized finance (DeFi) platform. While specific details were limited, the system will enable users to purchase digital “tokens” with voting rights on platform decisions.

Despite recent reports of an alleged assassination attempt on Trump at his West Palm Beach golf club, the launch proceeded as planned.

World Liberty Financial aims to leverage blockchain technology to offer peer-to-peer cryptocurrency lending and borrowing services, similar to platforms like Aave.

The project’s entrepreneurs, Zachary Folkman and Chase Herro, emphasized that the platform would primarily use stablecoins, reducing volatility by backing digital currencies with fiat assets, such as the U.S. dollar.

During the presentation, Donald Trump Jr. described the platform as the beginning of a “financial revolution,” streamed live on X.com.

The platform’s governance model will be partially decentralized, with 63% of the tokens available to the public for decision-making, while the remaining tokens will go to the founding team and as user rewards.

Although Trump was once an outspoken critic of cryptocurrencies, calling them a “scam” during his presidency, he has since repositioned himself as a “pro-bitcoin president” for his 2024 campaign, marking a notable shift in his stance.

This venture sets Trump apart from the Biden administration, which has advocated for increased regulation of the cryptocurrency sector, drawing attention from both supporters and critics.