The former President and Republican presidential candidate, Donald Trump, has announced that his cryptocurrency project, World Liberty Financial, will commence operations on September 16.
In a video posted on X on September 12, Trump announced that he would be going live on the platform to launch the initiative, which is under the control of his sons, Donald Jr. and Eric Trump.
“We are embracing the future with crypto and leaving the slow and outdated big banks behind,” he stated.
In the past, Trump made numerous cryptic posts about World Liberty Financial, which he obliquely described as a decentralized finance (DeFi) platform for borrowing and lending.
The project will enable users to store money in a digital wallet, offer a credit account system, borrow or lend cash to others, and invest in assets such as crypto using tokens, according to a white paper.
Additional components of the platform include a nontransferable governance token.
Additionally, World Liberty Financial intends to expand the utilization of stablecoins pegged to the United States dollar in DeFi.
The project has hinted at a partnership and collaboration with DeFi protocol Aave and its optimistic remarks regarding stablecoins. This could suggest that World Liberty Financial will be constructed on the Ethereum blockchain.
After promising to support the crypto industry if reelected president in November, Trump has garnered substantial support from the community.
He has stated that he will terminate Securities and Exchange Commission chair Gary Gensler, who has initiated enforcement actions against numerous significant crypto firms and has pledged to establish more transparent regulations.
There has been a variety of opinions regarding World Liberty Financial. Some have questioned Trump’s decision to initiate the project while simultaneously campaigning for president, as the project is scheduled to be operational 50 days before the election.
According to Nic Carter, a Castle Island Ventures partner and Trump supporter, the initiative was a “huge mistake” in an interview with Politico on September 6.
“It appears that Trump’s inner circle is simply exploiting his recent embrace of crypto in a somewhat naive manner,” he stated. “In all honesty, they are squandering a significant portion of the industry’s recent goodwill.”
Hackers and fraudsters have targeted individuals associated with the venture.
In addition, on September 4, scammers could access the X accounts of Donald’s daughter-in-law, Lara, and his daughter, Tiffany Trump. They posted sham URLs that purported to be associated with World Liberty Financial.
The official World Liberty Financial Telegram group was compelled to denounce a series of fake ads and incentives on August 30, intended to capitalize on the project’s popularity.
Eric Trump was required to provide clarification on August 8 that the Restore the Republic (RTR) memecoin was not associated with World Liberty Financial following its $155 million advance within hours of its debut.
