Trump to showcase new DeFi project aiming to replace traditional banking.
Key Takeaways
- Trump's World Liberty Financial DeFi project launches on September 16.
- The launch event will be live-streamed on Twitter Spaces.
Former President Donald Trump announced plans to launch “World Liberty Financial,” a decentralized finance (DeFi) protocol, next Monday, September 16, at 8 pm via Twitter Spaces.
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024
In his tweet, Trump declared his intention to embrace crypto and leave “slow and outdated big banks behind,” marking a significant shift from his previous skepticism towards digital currencies.
The launch of World Liberty Financial follows recent crypto initiatives from the Trump camp, including ‘The DeFiant Ones’ DeFi project unveiled on Truth Social last month. However, details about the new platform remain limited, raising concerns among experts.
Eric Trump, in an interview with the New York Post, revealed that the project involves “digital real estate,” fueling speculation about potential tokenization of real-world assets or the sale of digital assets in the metaverse.
The World Liberty Financial website currently advertises high-yield crypto investments and tools, reportedly backed by Trump family members.
The project has already faced scrutiny due to reports that insiders would receive 70% of the token allocation, prompting transparency concerns.
This venture represents a pivot for the former president, who in 2019 called Bitcoin “highly volatile and based on thin air.” As the crypto world watches, Trump’s foray into DeFi is poised to make waves in both financial and political spheres, with potential regulatory implications yet to be determined.