Former President and Republican candidate Donald Trump's cryptocurrency and decentralized finance (DeFi) initiative, World Liberty Financial, has officially begun signing up users, although details of the platform's specific services remain vague.
Announced on social media platforms x (formerly twitter) and Telegram on Monday, the project is currently accepting accredited US investors as well as non-US participants.
Trump's vision for cryptocurrencies
the project x.com/worldlibertyfi/status/1840776607599911356″ target=”_blank” rel=”noopener nofollow”>advertisement emphasized its commitment to inclusion, stating: “World Liberty Financial whitelists are now OPEN. Endorsed by Donald J. Trump. While these whitelists are currently open to accredited investors in the US and all non-US persons, we are not turning our back on the average American.”
This reflects the initiative's goal of promoting financial freedom for people regardless of their financial situation. However, due to existing policies and regulations, one whitelist is designated for accredited U.S. investors, while another is available for non-U.S. persons.
in another x.com/realDonaldTrump/status/1840772362209251611″ target=”_blank” rel=”noopener nofollow”>social media postTrump reiterated his vision to “Make America Great Again, This Time with Cryptocurrencies,” stating that World Liberty Financial intends to position the US as the world's leading crypto capital. “The whitelist of eligible people is officially open; this is your chance to be part of this historic moment,” he said.
the platform, inserted by Trump and his children during an online event two weeks ago, is designed to bolster financial security and facilitate peer-to-peer transactions. It aims to integrate into the broader decentralized finance movement, which allows users to trade, lend and borrow digital assets through automated software without intermediaries.
However, the specific functionalities and launch date of the platform have not yet been revealed. The project is also expected to promote the use of stablecoins pegged to the US dollar, which could improve the financial influence of the United States on a global scale.
Interestingly, a draft white paper for World Liberty Financial, revised per Bloomberg News, contains a disclaimer stating that the project is “not owned, managed, operated or sold by the Trump family,” while indicating that they may receive compensation for the initiative.
Caution on World Liberty Financial
Despite the ambitious goals, concerns have been raised about the security and transparency of the project as the launch date approaches. Critics, including Rep. Maxine Waters, have highlighted risks associated with DeFi, such as alleged “vulnerabilities to hacking and scams.”
Waters specifically singled out World Liberty Financial as a project that warrants caution among consumers and investors. Additionally, skepticism around the project's legitimacy has been fueled by its website's use of privacy services allegedly linked to past cybercrime activity.
World Liberty Financial marks the latest effort in Trump's growing involvement in the cryptocurrency sector. However, in August, the former president launched his fourth non-fungible token (nft) collection, further cementing his commitment to engaging with the digital asset market as part of his campaign for re-election in November.
Featured image of DALL-E, chart from TradingView.com
