Donald Trump officially launched his cryptocurrency project, World Liberty Financial, on Monday, marking a significant move into the decentralized finance (DeFi) space. The platform aims to improve financial security and facilitate seamless transactions, with plans for lending services on the Ethereum blockchain.
Since August 2024, Trump and his sons, Donald Trump Jr. and Eric Trump, have hinted at upcoming initiatives in the crypto and DeFi sectors. The project, which has been in development for several months, seeks to provide a more accessible alternative to traditional banking systems.
In a Twitter Space event, Trump announced the launch, stating that World Liberty Financial would offer a superior choice compared to outdated banks. The token associated with the project, WLFI, will be distributed in three segments: approximately 63% for public sales, 17% for user rewards, and 20% for the team, advisors, and future members. The distribution will be regulated by the U.S. Securities and Exchange Commission (SEC).
Trump emphasized that all token buyers will undergo screening using Know Your Customer (KYC) standards, similar to other exchanges. Although there were speculations about the tokens not being classified as securities, the team clarified that WLFI tokens will be offered under Rule 506(c) of SEC regulations, categorizing them as unregistered securities.
While Trump will receive compensation for the project, he will not be directly involved in its management. Instead, his son Eric Trump and real estate investor Steve Witkoff will oversee operations.
The launch has generated mixed reactions, with some suggesting that Trump aims to garner support from the cryptocurrency community, potentially bolstering his chances in the upcoming November presidential elections.
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