Former US President Donald Trump, alongside his sons and several entrepreneurs

Former US President Donald Trump, alongside his sons and several entrepreneurs, launched a cryptocurrency platform on Monday night, September 16. The event, headlined by Trump, was promoted by the Republican nominee as the unveiling of a new crypto platform. During the two-hour online presentation, few details were disclosed about the Trump family's crypto initiative. The primary offering was digital "tokens" that would allow holders to participate in decision-making for the platform. The project, named World Liberty Financial, aims to operate within the decentralized finance (DeFi) sector of digital assets, providing financial security and the freedom to transact, according to Trump’s son Donald Jr., who spoke about the project on an X Spaces livestream. World Liberty Financial plans to utilize DeFi, a blockchain-based technology that removes the need for intermediaries such as banks in transactions. This method offers an open but secure ledger of all transactions. The platform will enable users to lend or borrow cryptocurrencies directly from each other, a service already available on many existing platforms. Donald Trump Jr. described this initiative as “the start of a financial revolution” during the session streamed on X, formerly known as Twitter. Key figures behind the project, Zachary Folkman and Chase Herro, who are established cryptocurrency entrepreneurs, mentioned that the platform would primarily use "stablecoins." These coins are backed by traditional currencies, typically the US dollar, providing stability and avoiding the extreme volatility often seen in other digital currencies. World Liberty Financial aims to make cryptocurrencies accessible to the general public by creating an easily accessible platform, Folkman stated. The project leaders also mentioned plans to sell tokens granting holders a role in platform governance, with 63% available to the public, 20% allocated to the founding team, and the remaining set aside as user rewards. No timeline for the project's launch was provided. This development is surprising given Trump's previous stance during his presidency when he referred to cryptocurrencies as a scam. However, he has since shifted his position and now presents himself as a "pro-Bitcoin president" if elected in November