Trump’s new crypto venture faces mixed reactions ahead of Sept 16 launch
Former U.S. President Donald Trump has announced that his much-anticipated crypto platform, World Liberty Financial, will officially launch on September 16.
In a video shared on the social media platform X, Trump stated that this venture represents his commitment to embracing the future of finance and moving away from traditional banking systems.
Trump’s sons, Donald Trump Jr. and Eric Trump will take the lead in managing the project. The platform is positioned as a decentralized finance (DeFi) service that offers users the ability to store funds in digital wallets, access credit, and engage in lending and borrowing activities. It also plans to introduce a governance token and aims to expand the use of U.S. dollar-backed stablecoins in DeFi transactions.
Although details about the platform are still unfolding, World Liberty Financial has hinted at a collaboration with the DeFi protocol Aave, suggesting that the project may be built on the Ethereum blockchain.
Trump’s announcement comes as he campaigns for the 2024 U.S. presidential election. His vocal support for the crypto industry has gained him backing from the crypto community, particularly after pledging to streamline regulations and replace Securities and Exchange Commission Chair Gary Gensler, known for his regulatory crackdown on crypto firms.
However, reactions to the launch have been mixed. While some view this as a bold move into the evolving digital finance landscape, others are critical. Nic Carter, a venture capitalist and Trump supporter, expressed concerns that the project may appear opportunistic and undermine Trump’s credibility in the crypto space.
Security issues have also surrounded the venture, with recent hacks targeting family members, including Lara Trump and Tiffany Trump’s X accounts. Scammers have exploited the excitement surrounding the platform by circulating fraudulent links and ads, leading to denouncements from the official World Liberty Financial Telegram group.
