The Donald Trump-backed decentralized finance (DeFi) project, World Liberty Financial, has launched with only a limited group of US residents able to access the service.
The platform opened signups on September 30, allowing users to link their crypto wallets through the website. The registration process starts with users indicating their country of residence, after which they must complete a know-your-customer (KYC) verification.
While users from foreign countries can join freely, US access is currently limited to accredited investors. However, the project has hinted at future expansion.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Best Types of Blockchains Revealed (5 Animated Rules)
According to regulations set by the US Securities and Exchange Commission (SEC), to qualify as an accredited investor, an individual must meet specific financial criteria. This includes a net worth of at least $1 million, not counting the primary residence, or earning $200,000 annually for the last two years, with expectations of continuing that income.
Despite the regulatory limitations, Trump remains positive about the platform's future. He took to X on September 30 to express his belief that World Liberty Financial would help solidify America's leadership in crypto.
Since its announcement, the specifics of the project haven't been clear, but it's now confirmed as a DeFi platform built on Ethereum, providing services such as crypto lending and borrowing.
This project marks a shift in Donald Trump's stance on crypto. Once a vocal critic, Trump has now positioned himself as the "Crypto President," just in time for the upcoming November election. He has treated his supporters to burgers and paid in Bitcoin, has launched his fourth collection of non-fungible tokens (NFTs), and criticized SEC Chair Gary Gensler's strict crypto policies.
