Former US President Donald Trump, alongside his sons and entrepreneurs, unveiled a new cryptocurrency platform late Monday. The launch event, which occurred despite a reported assassination attempt against Trump over the weekend, provided limited details about the project.
The platform, known as World Liberty Financial, aims to utilize decentralized finance (DeFi) to facilitate peer-to-peer cryptocurrency transactions without intermediaries like banks. DeFi relies on blockchain technology to maintain a secure, transparent record of transactions.
World Liberty Financial will primarily use “stablecoins” – digital currencies pegged to traditional currencies, such as the dollar – to avoid the volatility associated with other cryptocurrencies. The platform will allow users to lend or borrow these stablecoins.
Donald Trump Jr. described the venture as “the start of a financial revolution,” and the project’s key figures, Zachary Folkman and Chase Herro, emphasized its goal of making cryptocurrency more accessible to the general public. The platform will offer tokens that grant holders a say in platform governance, with 63% of tokens available to the public, 20% allocated to the founding team, and the remainder for user rewards.
Trump’s shift in stance from calling cryptocurrencies a scam during his presidency to endorsing them as a potential “pro-bitcoin president” reflects a broader contrast with the Biden administration, which favors regulating the crypto sector. No specific timeline for the platform’s rollout has been announced.
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