Trump and His Siblings Launch Their Own Cryptocurrency Venture
Not too long ago, Donald Trump, then a non-supporter of cryptocurrencies, even going as far as calling them "a scam," has now joined forces with his sons and entrepreneurs to introduce his own cryptocurrency platform. During a live presentation lasting two hours on Monday, the specifics of the project were kept under wraps, except for the fact that users would have the opportunity to buy digital tokens, which would provide them with voting rights on the platform for a fee.
Donald Trump Jr., the former president's son, declared the platform, World Liberty Financial, as "the beginning of a financial revolution," during the presentation aired on X. The goal is to provide decentralized financial services utilizing blockchain technology, which could potentially make traditional intermediaries like banks obsolete.
World Liberty Financial plans to enable users to lend cryptocurrencies to one another - a service already offered by numerous other platforms.
key influencers of the Trump project are Zachary Folkman and Chase Herro, established cryptocurrency entrepreneurs. They revealed that the platform would primarily employ stablecoins, which are typically tied to the value of traditional currencies, such as the US dollar, providing resistance to the volatile price swings commonly seen in the crypto market.
Tokens to be used as incentives
Folkman disclosed that World Liberty Financial aims to create a user-friendly platform. The leaders of the project stated that token purchasers would be given the opportunity to manage the platform. In total, 63% of the tokens will be available to the public, 20% will be allocated to the founding team, while the remaining tokens will be set aside as incentives for users.
During his time in office, Trump held negative opinions towards cryptocurrencies, labeling them as "a scam." However, his viewpoints have since changed significantly: in late July, the 78-year-old announced that he would assume the role of "the pro-innovation and pro-bitcoin president that America needs." In contrast, the US President Joe Biden's administration advocates for regulation of the crypto sector.
The platform, World Liberty Financial, will allow users to lend and borrow other cryptocurrencies, utilizing services similar to those already offered by other platforms. To incentivize participation, the platform plans to set aside tokens for user rewards. Furthermore, the platform will primarily use stablecoins, which are currency-backed digital assets, to reduce the impact of market volatility.
