Donald Trump, the former US president and current Republican candidate, is set to debut a new cryptocurrency project called World Liberty Financial on September 16.
The project will be managed by his sons, Donald Jr. and Eric Trump.
"We're embracing the future with crypto and leaving the slow and outdated big banks behind," Trump said in a September 12 video announcement, where he also revealed that he will introduce the project via X Spaces on launch day.
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Although details about World Liberty Financial have been somewhat vague, it has been described as a decentralized finance (DeFi) platform. There have been hints of collaboration with the DeFi protocol Aave, raising speculation that it might be developed on the Ethereum blockchain.
According to a white paper linked to the project, it will offer features like a credit system, borrowing and lending options, a digital wallet, and investment opportunities in various assets, including crypto. The platform will also introduce a nontransferable governance token, allowing users to influence the project's direction.
The project has previously announced that its main goal is to maintain America's financial leadership on a global scale by pushing mass adoption of DeFi and stablecoins pegged to the US dollar.
Trump has become a vocal advocate of cryptocurrencies, promising clearer regulations for the industry if he is re-elected. This includes his intention to remove Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), who is known for his regulation-by-enforcement approach.
Despite Trump gaining support from the industry for his pro-crypto stance, opinions about his new crypto venture are mixed. Some, like Nic Carter, a partner at Castle Island Ventures and a Trump supporter, have called it a "naive" cash grab so close to the 2024 election. Carter said:
It looks like they're burning a lot of the good will that's been built with the industry so far.
The project has already been targeted by hackers. On September 4, Trump's daughter-in-law, Lara Trump, and his daughter, Tiffany Trump, had their X accounts hacked, with scammers posting fake links related to World Liberty Financial.
As Trump moves forward with both his presidential campaign and this DeFi project, all eyes are on the launch to see how it unfolds.
