Ahead of the 2024 presidential election, former President Donald Trump has announced a new cryptocurrency venture, World Liberty Financial, aiming to revolutionize the digital currency landscape. The announcement was made on the X Spaces (formerly known as Twitter Spaces) livestream on Monday.
What Happened: Trump introduced the venture alongside his sons Barron Trump, Eric Trump, and Donald Trump Jr. The launch occurred just a day after the former president emerged unharmed from a second assassination attempt, adding another layer of shock to the already turbulent presidential race.
World Liberty Financial aims to promote the mass adoption of stablecoins, a type of cryptocurrency designed to maintain a constant value. The platform will feature a new cryptocurrency called $WLFI, which will be sold to the public.
"Crypto is one of those things we have to do," said Trump. "Whether we like it or not, I have to do it."
Trump and his sons began promoting the venture on social media in August.
For years, Trump was a vocal critic of cryptocurrency, dismissing Bitcoin BTC/USD as a “scam.” However, on the campaign trail, he has shifted his stance, becoming an outspoken advocate. He has spoken at a prominent industry conference and garnered donations from crypto executives.
Why It Matters: The launch of World Liberty Financial comes on the heels of several significant developments in the Trump family’s foray into cryptocurrency.
In August, Trump announced a new crypto platform called “The DeFiant Ones“, aimed at challenging traditional banking systems. This marked a notable shift in his stance on digital currencies.
However, the venture has not been without controversy. Earlier in September, the Trump brothers’ cryptocurrency startup faced backlash from Trump’s crypto allies, who labeled it a “huge mistake.” The project has reportedly encountered several setbacks, including hacking incidents and concerns over its ties to a blockchain company that lost $2 million due to security breaches.
Additionally, the project aims to raise $540 million through a token sale. The sale will involve 30% of its $WLFI tokens, potentially generating significant funds. However, the allocation of 70% of tokens to insiders has sparked debate.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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