Trump launches new cryptocurrency platform
Former US President Donald Trump, his sons and businessmen on Monday launched a cryptocurrency platform.
Little was known about the Trump family’s cryptocurrency project during a two-hour online presentation, except for an offer to let people buy official coins that would allow them to vote on decisions related to the platform.
The event went ahead according to plan despite an alleged assassination attempt on Trump on Sunday at his golf course in West Palm Beach, Florida.
The discussion, which largely touched on politics, said that World Liberty Financial aims to provide services based on what is known as a decentralized exchange, a mechanism that eliminates the need for an intermediary such as a bank to conduct financial transactions with a third party.
The decentralized exchange is built on blockchain technology, which keeps a record of financial transactions theoretically open but not tamper-proof.
World Liberty Financial will enable users to lend or repay cryptocurrencies to or from one person to another, a service that several platforms already offer.
Former President Donald Trump Jr.’s son described the platform as the beginning of a financial revolution, during a session broadcast on X.
Zachary Volkman and Chase Herro, two of the project’s founders and known as prominent cryptocurrency entrepreneurs, explained that the platform will primarily use stablecoins backed by a traditional currency, most often the US dollar.
As a result, the currency will not be subject to the large fluctuations experienced by cryptocurrencies that are not pegged to real currencies.
Volkman said World Liberty Financial seeks to attract people to cryptocurrencies by creating an easily accessible platform.
The project leaders say they will sell coins that give their owners the right to participate in managing the platform, with 63% of them available to the public, 20% allocated to the founding team, and the rest allocated as rewards to users, however, still there is no timeline for the project has been revealed.
During his presidency, Trump referred to cryptocurrencies as a fraud, but he has since changed his position, presenting himself as a “Bitcoin president” if elected in November.
In doing so, he has put himself in opposition to President Joe Biden’s administration, which is pro-regulation of the sector.
