Former U.S. president Donald Trump, alongside his sons and several entrepreneurs, introduced a new cryptocurrency platform on Monday evening, although key details of the initiative remain under wraps.
The announcement, made during a two-hour online presentation, featured minimal information beyond offering digital “tokens” that would allow buyers to participate in decision-making processes for the platform.
The event proceeded despite an alleged assassination attempt on Trump the previous day at his golf course in West Palm Beach, Florida.
The platform, dubbed World Liberty Financial, aims to leverage decentralized finance (DeFi) technology, which enables direct transactions between parties without the need for traditional intermediaries such as banks.
DeFi relies on blockchain technology, providing a transparent and secure method of recording transactions.
World Liberty Financial plans to offer peer-to-peer lending and borrowing services using cryptocurrencies, a feature that several established platforms, like Aave, already provide.
Donald Trump Jr. hailed the launch as the beginning of a “financial revolution” during the live stream on X (formerly Twitter), emphasizing the platform’s potential to disrupt the financial sector.
Cryptocurrency entrepreneurs Zachary Folkman and Chase Herro, key figures behind the project, explained that the platform would focus on using “stablecoins.” Unlike more volatile cryptocurrencies, stablecoins are tied to traditional currencies—primarily the U.S. dollar—offering greater price stability.
Folkman expressed the platform’s ambition to make cryptocurrency more accessible to the general public, promising an easy-to-use platform aimed at attracting a wide audience.
In addition, the project will sell tokens that grant holders governance rights on the platform. Of these tokens, 63% will be made available to the public, 20% will be allocated to the founding team, and the remaining portion will be used to reward users.
No official timeline for the platform’s rollout was provided during the event.
Notably, this represents a significant shift in Trump’s stance on cryptocurrency. Once a vocal critic, labeling cryptocurrencies as a scam during his presidency, Trump now brands himself as a “pro-bitcoin” candidate ahead of the 2024 election, positioning himself in contrast to the current Biden administration, which has advocated for tighter regulation of the crypto sector.
