Trump's digital currency initiative is progressing at a gradual pace.
The crypto platform introduced by ex-US President Trump, his sons, and business partners has seen a subpar debut. Only a meager portion of the digital coins released on Tuesday managed to find buyers.
World Liberty Financial, the company in question, launched approximately 20 billion crypto tokens priced at $0.015 each, amounting to $300 million (roughly €275 million). By the close of the day, only 3% of these tokens had been successfully traded.
Multiple analysts linked the weak sales to technical difficulties, as the firm's website faced temporary outages at the commencement of trading hours. The purchased tokens function as digital currency while also granting buyers some influence in the platform's decision-making process. World Liberty Financial also plans to facilitate peer-to-peer lending and borrowing of cryptocurrencies, a service already available on various other platforms.
Trump's Cryptocurrency U-turn
During his term as president, Trump displayed skepticism towards cryptocurrencies, even disparaging them as "scams". Nevertheless, his opinion on the matter has drastically changed. At a rally in July, the 78-year-old declared his intention to serve as the "pro-innovation, pro-Bitcoin president that America requires."
He has since consistently advocated for cryptocurrencies at subsequent rallies. "Instead of undermining the industries that shape our future, we'll safeguard them and position America as the world's leading crypto and Bitcoin hub," Trump stated during an appearance at the Economic Club in New York in early September, exploring his economic vision.
He intends to commission tech entrepreneur Elon Musk to undertake significant modifications, such as setting up a committee to scrutinize the entire government operation, be it financially or in terms of performance. Musk has extended financial backing to Trump's presidential bid; the election date is scheduled for November 5.
Despite Trump's newly expressed support for cryptocurrencies, the crypto platform launched by him and his associates in the United States of America suffered a less-than-expected start. Only a small fraction of the 20 billion tokens released saw buyers, amounting to just 3% of the total significantly underperforming.
The proposed digital currency offering from the United States of America, spearheaded by Trump and his associates, is part of World Liberty Financial's plans to transform into a central player in the global cryptocurrency market.
