The Trump family’s foray into the world of cryptocurrencies continues. Through Spaces, the X feature that allows us to have live conversations on the social network, Trump’s children and associates announced that World Liberty Financial will launch its own token.
For those who are not aware, World Liberty Financial is the latest financial venture of the Trump family. Last Monday, Donald Trump Jr. and Eric Trump, sons of the former American president, along with their partners, described what World Liberty Financial is from Spaces: a crypto platform that “would allow users to make transactions without banks charging fees,” according to Wired.
During the broadcast (which also included an interview with Donald Trump himself), Corey Caplan, the project’s advisor, explained that World Liberty Financial “would sell and distribute” its own tokens, called WLFI. The team behind the project also confirmed that WLFI is regulated by the United States Securities and Exchange Commission.
One of the platform’s main objectives is to make decentralized finance more accessible: “We have to make it intuitive, easy to use, and we will do it,” Eric Trump clarified during the broadcast.
Trump first announced his project last August. On Truth Social, his social network, he posted, “For too long, the average American has been squeezed by big banks and financial elites. It’s time for us to take a stand #BeDefiant.” Along with his post, he included a link to a Telegram channel without adding further details.
Although World Liberty Financial advertises itself as a way to financially empower people against banks, the truth is that the majority of the tokens (70%) would end up with the investors themselves, according to data from CoinDesk.
