Former president and Republican candidate Donald Trump’s decentralized finance (DeFi) and crypto initiative, World Liberty Financial, has officially begun signing up users, although details of the platform’s specific services remain vague.
Announced on social media platforms X (formerly Twitter) and Telegram on Monday, the project is currently accepting accredited US investors as well as non-US participants.
Trump’s Vision For Crypto
The project’s announcement emphasized its commitment to inclusivity, stating, “The World Liberty Financial whitelists are now OPEN. Backed by Donald J. Trump. While these whitelists are currently open to accredited investors in the US and all non-US persons, we are not turning our backs on the everyday American.”
This reflects the initiative’s goal of promoting financial freedom for individuals regardless of their financial background. Nevertheless, due to existing policies and regulations, one whitelist is designated for accredited US investors, while another is available for non-US persons.
In another social media post, Trump reiterated his vision to “Make America great again, this time with crypto”, claiming that World Liberty Financial intends to position the US as the world’s leading crypto capital. “The whitelist for eligible persons is officially open – this is your chance to be part of this historic moment,” he stated.
The platform, introduced by Trump and his sons during an online event two weeks ago, is designed to bolster financial security and facilitate peer-to-peer transactions. It aims to integrate into the larger decentralized finance movement, which allows users to trade, lend, and borrow digital assets through automated software without intermediaries.
However, the specific functionalities and a launch date for the platform have yet to be disclosed. The project is also expected to promote the use of US dollar-pegged stablecoins, potentially enhancing America’s financial influence on a global scale.
Interestingly, a preliminary white paper for World Liberty Financial, reviewed by Bloomberg News, contains a disclaimer stating that the project is “not owned, managed, operated or sold” by the Trump family, while indicating that they may receive compensation from the initiative.
Caution On World Liberty Financial
Despite the ambitious goals, concerns about the security and transparency of the project have surfaced as the launch date approaches. Critics, including Representative Maxine Waters, have highlighted the risks associated with DeFi, such as alleged “vulnerabilities to hacking and scams.”
Waters specifically pointed to World Liberty Financial as a project that warrants consumer and investor caution. Additionally, skepticism surrounding the project’s legitimacy has been fueled by its website’s use of privacy services allegedly linked to past cybercrime activities.
World Liberty Financial marks the latest endeavor in Trump’s expanding involvement in the cryptocurrency sector. Yet, in August, the former president launched his fourth collection of non-fungible tokens (NFTs), further solidifying his commitment to engaging with the digital asset market as part of his campaign for re-election in November.
Featured image from DALL-E, chart from TradingView.com