Donald Trump, the former president and potential 2024 Republican presidential nominee, has revealed the launch date for his much-anticipated crypto project, World Liberty Financial. Set for September 16, the crypto initiative will be managed by Donald Trump Jr. and Eric Trump. Intending a shift from traditional banking, Trump stated in a September 12 video, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind”.
The intention behind World Liberty Financial is its positioning as a decentralized financial platform for borrowing and lending. It promises a range of digital financial operations, including storing money in a digital wallet, a credit account system, peer-to-peer lending, and token-based investing in crypto-assets. Other project features hinted at include a non-transferable governance token, increasing the adoption of US dollar-pegged stablecoins, and a possible partnership with DeFi protocol Aave.
Trump’s crypto-affiliations have drawn support from the crypto community, with promises of robust regulatory measures and long-awaited industry support if elected president again. However, the simultaneous launch of World Liberty Financial and Trump’s presidential campaign has been met with mixed reactions. Critics question the intentions and timing, viewing it as a potential detrimental move for Trump’s political ambitions. This skepticism is further fueled by the numerous cybersecurity issues linked with World Liberty Financial, including scams, hacking attempts, and false advertising related to the project.