Donald Trump to launch crypto project World Liberty Financial on September 16
After teasing the cryptocurrency project World Liberty Financial for the past two months, former President Donald Trump and 2024 Republican presidential candidate on Thursday afternoon announced Monday, September 16 as the official launch date.
His family had been teasing the decentralized finance (DeFi) project for months. Its goal is to use blockchain technology to upend traditional banking.
A video featuring Trump launching World Liberty Financial is uploaded from his official X account. It says, "Join me live on Twitter Spaces at 8 p.m. EST on September 16 for the launch of World Liberty Financial."
Join us live from Mar-A-Lago on September 16 at 8pm EST with Donald J. Trump! Tune in to hear our vision for making finance great again. 🇺🇸 https://t.co/2H0rJcawBJ
— WLFI (@worldlibertyfi) September 12, 2024
He added that "With cryptocurrency, we're embracing the future and leaving the slow and outdated big banks."
On August 7th, Donald Trump Jr. and Eric Trump teased upcoming announcements concerning the cryptocurrency and DeFi sectors. A whitepaper regarding the World Liberty Financial project was being worked on, as CoinDesk reported on September 3.
The project will include a special "credit account system" and be developed on the Aave and Ethereum platforms.
Security will also be given top priority in this project, with collaborations with companies like BlockSecTeam and PeckShield to safeguard user assets. Corey Caplan, one of the co-founders of Dolomite, was appointed an advisor to World Liberty Financial earlier this month. Soon after, the project declared that it aims to promote stablecoin adoption while simultaneously prioritizing security.
On September 10, World Liberty announced Rafael Yakobi as part of its advisor. According to the post as seen on X, it states that Yakobi brings unparalleled experience in navigating the complex regulatory landscape of cryptocurrencies as the founder of one of the first law firms, the Crypto Lawyers, in the United States, dedicated solely to this field.
Trump was against cryptocurrency when he was president, but he has now become more accepting of the industry. He has pledged to prevent the Federal Reserve from creating a Central Bank digital currency, which would be a publicly accessible digital form of money, and he has proposed that the government establish a strategic reserve of Bitcoin (BTC).
Trump has made it clear during his campaign for president that he wants to make the US the "crypto capital of the planet," which raises concerns about the possibility that he will use government funds to support a family business.
The announcement comes a few days after the hack of Trump family X accounts that led to a false link between them and a fraudulent token.
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