Donald Trump, former U.S. president and current Republican presidential candidate, has officially set the launch date for his family’s cryptocurrency venture, World Liberty Financial. Announced via a video on his X account (formerly known as Twitter), Trump invited followers to join him for the platform’s debut on Twitter Spaces at 8 p.m. on September 16.
In his video, Trump declared, “We’re embracing the future with crypto and leaving behind the slow and outdated big banks.” The platform, which had been hinted at throughout the summer by Donald Trump Jr. and Eric Trump, aims to offer a cutting-edge alternative to traditional banking systems.
A Shift in Trump’s Crypto Stance
According to a whitepaper released earlier this month, World Liberty Financial is set to be built on the Ethereum blockchain and the decentralized finance (DeFi) platform Aave. The platform will feature a “credit account system” designed to focus on stablecoins and enhanced user security, integrating the fast-evolving world of DeFi into a user-friendly service.
This move marks a significant departure from Trump’s previously critical stance on cryptocurrencies. He had publicly expressed reservations about Bitcoin and other digital assets in the past. However, earlier this year, he appeared at the Bitcoin 2024 conference, signaling a shift in his views by promising to fire SEC Chair Gary Gensler and halting any U.S. government plans to sell its 213,000 bitcoins should he win the 2024 election.
Security Takes Center Stage
The development team behind World Liberty Financial is prioritizing user security. Corey Caplan, co-founder of DeFi project Dolomite, has been brought on as an advisor, while cybersecurity firms such as Zokyo, Fuzzland, and PeckShield have reviewed the platform’s code to ensure its safety.
Despite Trump’s endorsement and the platform’s backing by leading industry professionals, the project has faced criticism. Congresswoman Maxine Waters expressed concerns over the risks associated with decentralized finance, including the potential for hacks, scams, and unequal access to critical financial information.
Mixed Reactions
While some in the cryptocurrency community are enthusiastic about the high-profile involvement of the Trump family, others remain skeptical about the platform’s potential impact. World Liberty Financial’s goal is to reshape the financial landscape through the adoption of cryptocurrency, but the mixed reception highlights the growing debate over the future of decentralized finance and its role in the global economy.
With its official launch set for September 16, the world will be watching closely as Trump and his team step into the digital finance arena, aiming to disrupt traditional banking systems.
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