What is Donald Trump Crypto World Liberty Financial? A New DeFi project, deploying on Ethereum, is set to be launched in the coming days.
When Donald Trump was president, he said Bitcoin (and, by extension, crypto) was a scam.
He got heat from this comment. However, that was his stand.
But the beauty of politics is that nothing is personal, and opinions change.
Now that Trump is campaigning and wants to be president, he has changed his stance.
The former president backs crypto, Bitcoin, and even NFTs.
In the past, Trump has endorsed an NFT collection, raking in millions of dollars.
The Trump Digital Trading Cards NFT collection sold 45,000 NFTs at $99 each.
Later, a related collection, the ‘Mudshot Edition’ NFTs, pushed Trum’s ETH holdings to over 1,900 ETH.
In the current campaign trail, he also accepts crypto donations and has been endorsed by various leaders in the space.
It is this overwhelming support that Trump even attended and delivered a keynote at the Bitcoin conference in Austin.
Looking at the sequence of events, it appears that Trump is getting started.
Recently, the Republican presidential nominee revealed plans to launch yet another crypto project, World Liberty Financial.
On Thursday, he said he would unveil the crypto project on X Spaces on September 16.
Trump Plans To Unveil The World Liberty Financial
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024
By launching World Liberty Financial, Trump said they are “embracing the future with crypto and leaving the slow and outdated big banks behind.”
Interestingly, this announcement follows months of speculations and teasers from his family.
In early August, the former president and his son, Eric Trump, hinted at the launch of the DeFi project.
From what’s publicly known at press time, the project will be a DeFi protocol associated with Aave, one of the largest by TVL, and will be deployed live on Ethereum.
Details from the World Liberty Financial whitepaper claim that the project aims to build a “credit account system.”
It is also making security a top priority, considering the risks of hacks that can lead to user funds being stolen and damaging reputation, especially now that it is associated with Trump.
For this reason, several blockchain security firms, including Zokyo, Fuzzland, PeckShield, and BlockSecTeam, have audited the World Liberty Financial code.
What’s more?
It is also emerging that Corey Caplan, the co-founder of Dolomite, is one of World Liberty Financial’s advisors.
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Critics Slam DeFi Project, Points To Conflict Of Interest, Hack Risks
Promising as the DeFi project may be, there are critics.
Rep. Maxine Water said the protocol risks being hacked and perpetuating the spread of unequal information.
Moreover, there is a chance of conflicts of interest that can harm more consumers and investors.
Some reports also allege that around 70% of the project’s native tokens have been reserved for insiders.
All the same, the Trump team has dismissed concerns, saying vocal critics are “led by Democrat donors and partisans.”
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
