"Financial revolution"

Trump launches his own platform for cryptocurrencies

"Join a movement that is committed to restoring America's power and prosperity," Trump appeals.

(Bild: AFP/JOE RAEDLE)

Together with his sons and entrepreneurs, Republican US presidential candidate Donald Trump has launched his own platform for cryptocurrencies. However, only a few details about the project were revealed during a two-hour online presentation on Monday (local time).

Donald Trump Junior, son of the former president, nevertheless described the World Liberty Financial platform as the "beginning of a financial revolution", as he said during the presentation broadcast on the X online service. The intention is to offer decentralized financial services based on blockchain technology, which in principle can make traditional guarantors or middlemen such as banks superfluous.

For example,World Liberty Financial will enable users to lend cryptocurrencies to each other - a service that is already offered by numerous other platforms.

Community movement
The main driving forces behind the Trump project are the already established cryptocurrency entrepreneurs Zachary Folkman and Chase Herro. They announced that the platform would primarily use so-called stablecoins, which are usually pegged to the value of a conventional currency, often the dollar. This makes them immune to the sometimes violent price fluctuations in the crypto sector.

According to Trump himself, his crypto platform aims to empower millions of people to "take control of their financial freedom."

(Bild: worldlibertyfinance.org)

World Liberty Financial wants to create a platform that is easily accessible for people, Folkman announced. Referring to the tokens, the project leaders said that these would give buyers the right to participate in the management of the platform.

63 percent of the tokens would be offered to the public, 20 percent would go to the founding team and the rest would be reserved as a reward for users.

"Pro-Bitcoin president"
During his presidency, Trump had expressed his disapproval of cryptocurrencies and criticized them as a "rip-off". Since then, however, his position has changed fundamentally: at the end of July, the 78-year-old announced that he would be "the pro-innovation, pro-Bitcoin president that America needs".

This sets him apart from US President Joe Biden's administration, which is in favor of regulating the crypto sector.

"You'll be happy, and you'll love your cryptocurrency, and as long as you have cryptocurrency, you're happy," Trump had said at the beginning of the stream. "I think crypto is one of the things that we have to do, whether we like it or not."