Donald Trump Launches New Cryptocurrency Platform

Former U.S. President Donald Trump, along with his sons and business partners, launched a new cryptocurrency platform on Monday, though they shared few details. During a two-hour online event, they announced the Trump family’s move into digital finance but mostly focused on offering people the chance to buy digital “tokens” that allow them to vote on platform decisions.

The platform, called World Liberty Financial, will focus on decentralized finance (DeFi), which allows financial transactions without the need for banks, using blockchain technology to keep transactions secure and transparent. The launch went ahead as planned, despite an attempted attack on Trump the day before at his golf club in West Palm Beach, Florida.

World Liberty Financial plans to offer services where users can lend or borrow cryptocurrency, similar to what platforms like Aave already provide. Donald Trump Jr. called this project “the start of a financial revolution” during the event, which was streamed on X (formerly Twitter).

Two key cryptocurrency experts, Zachary Folkman and Chase Herro, explained that the platform will mostly use “stablecoins.” These are digital currencies linked to traditional money, like the U.S. dollar, which helps avoid the big price swings that often happen with other cryptocurrencies.

The goal of World Liberty Financial is to make cryptocurrency easier for everyday people to use. They plan to sell tokens, giving owners a say in how the platform is run. Sixty-three percent of the tokens will be sold to the public, while 20% will go to the founding team, and the rest will be used as rewards for users.

No timeline for when the project will fully launch was given. This marks a big change for Trump, who used to call cryptocurrencies a scam when he was president. Now, he’s positioning himself as a “pro-Bitcoin president” if he is elected again, standing against the Biden administration’s push to regulate the cryptocurrency industry more strictly.