Donald Trump Announces Date for New Crypto Venture Launch

Donald Trump announces his family’s foray into the rapidly evolving world of cryptocurrency – a move that has left some wondering if it’s appropriate for a presidential candidate to profit from his followers.

At a Glance

• Donald Trump announced the launch date for World Liberty Financial (WLF) on September 18.
• Trump will host a live Twitter Spaces event on September 16.
• WLF aims to move away from traditional banking systems by embracing crypto.
• The initiative has faced multiple delays due to fraud and hacking incidents.
• WLF plans to use US-pegged stablecoins and has partnered with major security firms.

Donald Trump declared the official launch date for the Trump family’s cryptocurrency initiative, World Liberty Financial (WLF). The ambitious project is set to go live on September 18, with a pre-launch event on Twitter Spaces scheduled for September 16 at 8 PM. Trump shared this news via a video posted on X, signaling the family’s commitment to moving towards digital finance and away from conventional banks.

The announcement marks a significant milestone for the Trump family’s crypto venture, which has been promoted by both Donald Trump Jr. and Eric Trump. However, the project has not been without challenges. It faced multiple delays due to fraudulent websites and the hacking of social media accounts. These issues were highlighted when the X accounts of Lara and Tiffany Trump were compromised, posting misleading links related to World Liberty Financial.

World Liberty Financial aims to transition from traditional banking systems by focusing on cryptocurrency and blockchain technology. 

“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video announcement on September 12.

Trump has consistently emphasized the importance of adopting innovative financial solutions, though he has not always been a supporter of cryptocurrency in general. His family’s project, World Liberty Financial, plans to use US-pegged stablecoins as a global settlement layer. The venture aims to maintain America’s global financial leadership by promoting the mass adoption of decentralized finance (DeFi).

Security Measures and Advisors

Recognizing the risks inherent in cryptocurrency, Trump’s team has partnered with several well-known security firms such as Zokyo, Fuzzland, PeckShield, and BlockSecTeam. “We’re not taking any chances. We’re working with the top security experts in the world,” stated the project’s Telegram channel. This move aims to ensure that the platform is secure and reliable for users.

Corey Caplan, co-founder of Dolomite, has also joined as an advisor for World Liberty Financial. Caplan’s expertise is expected to play a crucial role in guiding the project through its initial stages and ensuring that it meets its ambitious goals.

Experts have noted that WLF will face significant challenges in competing with established stablecoins such as USDC and USDT. Despite these hurdles, the Trump family is determined to push forward. They have promised various features such as a credit system, borrowing and lending options, a digital wallet, and investment opportunities in multiple asset classes.

Donald Trump has also made cryptocurrency a cornerstone of his 2024 election campaign, pledging to create a national Bitcoin stockpile and establish clearer regulations for the crypto industry. He even promised to remove SEC chair Gary Gensler if re-elected, signaling his commitment to fostering a more crypto-friendly regulatory environment.