Former President Trump Unveils New Cryptocurrency Venture, World Liberty Financial

Donald Trump, presidential candidate in the November election in the US, has featured in a talk on platform X which officially announced World Liberty Financial (WLF), a decentralised finance (DeFi) project closely linked to the Trump family.

In the Spaces event, hosted by Rug Radio, Trump spoke at length about the recent second attempt on his life and his new-found love for crypto and especially NFTs.

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He said NFTs are probably the thing he liked most about crypto:

Because so many people paid this way [with crypto], I was blown away. I wasn’t overly interested at first to be honest. But I was surprised by the massive amount.

Donald Trump

Trump has earned more than US$7 million (AU$10.36 million) from his NFT collections, which include images of him posing as a superhero and many others.

“The Start of a Financial Revolution”

The former president didn’t stick around for the actual unveiling of WLF, but his son Donald Trump Jr. and father-son duo Steve and Zach Witkoff, who are also real estate investors, talked about the need for a new financial system.

As they described their interactions with the traditional banking system as often cumbersome, they said it’s clear that the trad-Fi market is in need of disruption.

This is the start of a financial revolution.

Donald Trump Jr.

Trump’s other son, Eric Trump, and Dough Finance co-founders Zachary Folkman and Chase Herro, added that their goal is to bring DeFi to the average person.

So, What Is WLF And How Does It Work?

You probably already guessed it, there will be a token involved, a non-transferable governance token called WLFI – non-transferable means it can’t be traded.

There had been initial chatter that the team would be hanging on to 70% of the token allocation, but Folkman said that would be more like 20% for team compensation, while 17% are reserved for user rewards with the remaining 63% sold to investors.

As reported earlier based on CoinDesk information, the new Web3 project will be a DeFi lending platform similar to their previous venture, Dough Finance, which was compromised in July.

Notably, many team members from the unsuccessful Dough Finance are also involved in World Liberty Financial, and early code for the new project may have been directly reused from Dough Finance.

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It’s not known how the platform would work in detail, but according to the team, it will provide borrowing and lending services for cryptocurrencies similar to other DeFi applications.

They added they want it to be more user-friendly and accessible than current options.