Former President and Republican candidate Donald Trump’s decentralized finance (DeFi) and crypto initiative, World Liberty Financial, has officially started signing up users, although details about the platform’s specific services remain vague.
Announced Monday on social media platforms X (formerly Twitter) and Telegram, the project is currently accepting both accredited US investors and non-US participants.
Trump’s view on crypto
The project announcement highlighted its commitment to inclusivity, stating: “World Liberty Financial whitelists are now OPEN. Endorsed by Donald J. Trump. While these whitelists are currently open to US accredited investors and all non-US persons, we are not turning our backs on everyday Americans.”
This reflects the initiative’s goal to promote financial freedom for individuals, regardless of their financial background. Nevertheless, due to existing policies and regulations, one whitelist is for accredited US investors, while another is available to non-US persons.
In another social media messageTrump reiterated his vision to “make America great again, this time with crypto,” claiming that World Liberty Financial plans to position the US as the world’s leading crypto capital. “The whitelist for eligible individuals 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 intended to increase financial security and facilitate peer-to-peer transactions. It aims to integrate into the larger decentralized finance movement, allowing 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 not yet been announced. The project is also expected to promote the use of stablecoins pegged to the US dollar, potentially increasing America’s financial influence on a global scale.
Interestingly, a preliminary white paper for World Liberty Financial, assessed from Bloomberg News, includes 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 with world financial freedom
Despite the ambitious goals, concerns about the project’s safety and transparency have surfaced as the launch date approaches. Critics, including Rep. Maxine Waters, have done just that marked the risks associated with DeFi, such as alleged ‘hacking and scam vulnerabilities’.
Waters specifically pointed to World Liberty Financial as a project that warrants caution among consumers and investors. Furthermore, skepticism about the project’s legitimacy has been fueled by the use of privacy services on the website that are allegedly linked to past cybercrime activities.
World Liberty Financial marks the latest effort in Trump’s growing involvement in the cryptocurrency sector. Still, the former president arrived in August launched his fourth collection of non-fungible tokens (NFTs), further cementing his commitment to the digital asset market as part of his re-election campaign in November.
Featured image of DALL-E, chart from TradingView.com