World Liberty Financial is to be started by the Trump family on the 16th of September 2024, the line of business being in cryptocurrency. The news of partnering with wire crossing was revealed in a video that the former President Donald Trump posted on his X (formerly Twitter) handle where he said, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind. ”
This project is spearheaded by two sons of Trump Family, Eric Trump and Donald Trump Jr The 18 year old Barron Trump, Donald Trump’s youngest son has been referred to as the ‘DeFi visionary’ of the venture. World Liberty Financial is built with the decentralized finance or ‘DeFi’ concept in perspective and operates within borrowing and lending. It is noted that the platform works on the basis of the Ethereum network.
Based on the leaked draft of a whitepaper, it is planned to launch the “credit account system” based on the Aave DeFi. This system will enable the decentralized borrowing and lending services to be provided. Customers of World Liberty Financial will be able to maintain their money in digital purses, get a loan, and/or issue a loan, along with investing in such financial instruments as cryptocurrencies.
Stablecoins and Cybersecurity Concerns
One rather obvious characteristic of the project as a creator of utility tokens is its focus on stablecoins tied to the U. S. dollar. The plan is to launch various U.S. dollar anchored stablecoins across the world with an intention to keep the Greenback relevant in global markets. There will also be a governance token of the platform, although, its role has not been very clear.
It is believed that the project will collaborate with Aave a famous DeFi company using its platform. However, all these details are yet to be imparted.
Some people have been concerned by the timing of this launch given that it has happened 50 days to the next presidential election in the United States of America in 2024. Nic Carter, Trump supporter, and partner at Castle Island Ventures said it was a ‘huge mistake,’ adding that it seemed like Trump’s surrounding is ‘cashing on the recent Trump crypto-friendliness.’
Cybersecurity has already been a challenge for the project. On September 4, scammers hacked the X accounts of Trump’s daughter-in-law Lara Trump and his daughter Tiffany Trump. Imposters posted fraudulent links claiming to be connected to the project.
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