Donald Trump and partners launch new cryptocurrency trading network
Báo Tin Tức•17/09/2024
On September 16, former US President Donald Trump, his sons and partners launched a cryptocurrency platform.
Former US President Donald Trump speaks at an event in Maryland, February 24, 2024. Photo: THX/TTXVN
The two-hour online presentation of the platform, called World Liberty Financial, reportedly did not provide specific information about the Trump family's project, other than to say that it would allow people to buy digital "tokens" and vote on decisions made by the platform. World Liberty Financial is being developed with the idea of providing decentralized financial services, a mechanism that eliminates intermediaries such as banks when conducting transactions with third parties. Decentralized finance, or DeFi, is based on blockchain technology that keeps transaction records that are theoretically open but tamper-proof. World Liberty Financial would allow participants to borrow or lend cryptocurrency. Several platforms already offer this service, including Aave. Trump's son Donald John Trump Jr. has called it “the beginning of a financial revolution,” while Zachary Folkman and Chase Herro, the project’s core members and prominent crypto entrepreneurs, said the platform will primarily use “stablecoins,” which are cryptocurrencies backed by a traditional currency, usually the U.S. dollar. As a result, trading in these coins will be less susceptible to the large fluctuations that digital currencies not tied to real money can experience. Folkman said World Liberty Financial wants to attract users to cryptocurrencies, creating a platform that is accessible to everyone.
The project team said it would sell tokens that would give holders the right to participate in the governance of the platform, with 63% of the tokens being offered to general users and 20% to the founding team, while the rest would be used as rewards for users. The team did not announce a specific schedule for the project's development. The support for cryptocurrencies is considered a major shift in the views of former US President Donald Trump. Previously, when he was in office, Mr. Trump did not support cryptocurrencies. However, during the ongoing 2024 US presidential campaign, the Republican candidate affirmed that he would be a "pro-bitcoin president" if elected in November.
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