QUICK BITE
- Donald Trump announced the launch of World Liberty Financial scheduled for September 16 on X (Twitter) Spaces.
- World Liberty Financial will be built on the Aave DeFi platform and Ethereum blockchain, focusing on a credit account system.
- Trump has shifted his stance on cryptocurrency, now positioning himself as the “crypto president” and supporting the community.
Republican presidential candidate Donald Trump announced on Thursday afternoon the official launch date for World Liberty Financial, a crypto project his family has been hinting at for the past two months.
“Join me live on Twitter Spaces at 8 p.m. this September 16 for the launch of World Liberty Financial,” Trump says in a video posted from his official X account.
“We’re embracing the future with crypto and leaving the slow and outdated big banks behind.”
Donald Trump Jr. and Eric Trump hinted at some crypto and DeFi-related announcements on August 7. Then, on September 3, CoinDesk shared details from a whitepaper being developed, which revealed that the project would be built on the Aave DeFi platform and the Ethereum blockchain, focusing on a “credit account system.”
World Liberty Financial is developing a borrowing and lending service on blockchain technology. The project’s white paper, obtained by CoinDesk, reveals similarities to Dough Finance, a recently hacked blockchain app. Key figures involved include Trump’s three sons, with Barron Trump named as the “DeFi visionary.”
The project plans to introduce WLFI, a non-transferable governance token, which could limit speculative trading. While aiming to showcase blockchain’s potential, early stages of development raised concerns as code appeared to be lifted from Dough Finance’s compromised codebase. However, it’s unclear if recent iterations still contain this code, and there’s no evidence of vulnerabilities persisting in the current project.
As Trump seeks reelection this year, he’s shifted his stance on crypto, now supporting the community. Earlier this summer, he even spoke at the Bitcoin 2024 conference, promising to fire SEC Chair Gary Gensler if reelected. He also pledged to stop the U.S. from selling its 213,000 bitcoins.
Earlier this month, Dolomite co-founder Corey Caplan was appointed as an advisor for World Liberty Financial. Soon after, the project emphasized its focus on security and promoting the adoption of stablecoins.
“We’re not taking any chances. We’re working with top security experts like Zokyo, Fuzzland, PeckShield, BlockSecTeam, and others,” the project shared on its Telegram channel.
“Our code has been thoroughly reviewed by these industry leaders, and we are following best practices to make user security our top priority.”
Trump recently launched his fourth NFT collection, featuring 50 unique digital trading cards, including some that show him holding bitcoin. At the same time, World Liberty Financial has faced security issues, with scammers targeting over 70,000 users through fake crypto giveaways on its Telegram channel.
Trump is now presenting himself as the “crypto president.” After previously criticizing cryptocurrencies, he’s now embracing them, claiming to have raised $25 million from the crypto industry by the end of July. Analysts at Bernstein believe a Trump win could push bitcoin to $90,000, while a Harris win might lower it to $30,000.
