Former President Donald Trump's hotly anticipated cryptocurrency venture has a launch date, and it has come straight from the horse's mouth.
What happened: Trump released a video from his official X handle Thursday, announcing that the World Liberty Financial project would be launched on X spaces next Monday at 8 p.m.
"We're embracing the future with crypto and leaving the outdated and big banks behind," the Republican, who is running for White House, said.
Trump's son Eric Trump, who has been promoting the decentralized finance (DeFi) project over the past few weeks, reposted the announcement, saying "Crypto is the future—I’m all in."
Why It Matters: Trump first promoted the DeFi initiative via Truth Social last month, stating, "For too long, the average American has been squeezed by the big banks and financial elites.”
The team behind the venture had earlier outlined its commitment to drive the growth of U.S. dollar-pegged stablecoins, thereby ensuring the dominance of the greenback. It also announced a collaboration with the leading decentralized borrowing and lending platform, Aave AAVE/USD.
Expectations aside, the project has also generated its fair share of controversy. Reports suggested that Trump might advocate for cryptocurrency-friendly regulations that could favor the project, potentially leading to a conflict of interest if he is re-elected.
Trump's election campaigns have decisively turned pro-cryptocurrency this year, as he vowed to make the U.S. the "crypto capital of the planet." Democratic presidential hopeful Kamala Harris, while not explicitly mentioning cryptocurrencies in public speeches, has tried to counterbalance by reaching out to important stakeholders in the industry.
Price Action: At the time of writing, Trump-themed cryptocurrency, Maga was exchanging hands at $2.47, down 12.58% in the last 24 hours, according to data from Benzinga Pro.
Image via Wikimedia Commons
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