Former US President Donald Trump and his sons and several key entrepreneurs on Monday, September 16 launched a cryptocurrency platform tagged “World Liberty Financial”, despite an apparent assassination attempt on him the previous day.
Trump who also now owns the social media platform, Truth Social, after Twitter now called X kicked him out in 2020 even as a sitting U.S. president, had previously opposed the cryptocurrency, but now embraced the technology as revolutionary.
He has even promised to be a “pro-bitcoin president”, rallying much of the crypto community and techies around his campaign.
On Monday he called his new crypto “the start of a financial revolution,” during a session streamed on X. His son, Brandy, is one of the partners and together with technopreneurs Zachary Folkman and Chase Herro, are launching the new crypto as “stablecoins”, which are backed by a traditional currency. Backing stablecoins against the U.S. dollar will eliminate the wide fluctuations often experienced by most digital currencies untethered to real-world money.
World Liberty Financial will be based on Decentralized Finance (DeFi) – a blockchain technology, that enables users to lend or borrow cryptocurrencies to or from one another, a service already offered by several platforms, such as Aave.
Project leaders will sell tokens that give owners the right to participate in the governance of the platform, with 63% offered to the public, 20% going to the founding team, and the rest set aside as rewards for users.
No timetable for the commencement of project has been set, but Trump’s WLF reportedly traded at less than 84% of U.S. Dollar value on the first day.
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