SUMMARY
- Former President Donald Trump, along with his sons and business partner Chase Herro, launched a new cryptocurrency venture called World Liberty Financial during a two-hour livestream on X Spaces.
- This marks Trump’s formal entry into the crypto industry after months of speculation.
On Monday, former President Donald Trump formally entered the cryptocurrency space with the launch of World Liberty Financial, a new venture he promoted amid a two-hour livestream on X Spaces. Accompanied by his sons and business partner Chase Herro, known for his controversial online persona, Trump did not focus on the subtle elements of World Liberty Financial. Instead, he addressed a thwarted assassination attempt, reiterated his campaign themes, and communicated his vision for cryptocurrency in the U.S., emphasizing the need for American leadership in the sector to counter China’s advancements.
Despite Trump’s promotional appearance, he and his sons are not specifically involved in the operational aspects of World Liberty Financial. The project is spearheaded by Herro and Zachary Folkman, who previously taught controversial courses on dating and have been introduced to Trump’s family through real estate investor Steve Witkoff. Donald Trump Jr. lauded Herro and Folkman’s macroeconomic expertise, proposing they could outperform top financial professionals.
World Liberty Financial is situated within the decentralized finance (DeFi) segment, where users can loan and borrow cryptocurrency specifically, bypassing traditional banking institutions. Amid the livestream, Donald Trump Jr. shared the family’s struggles with accessing credit due to their political exercises, which underscored their interest in DeFi. He highlighted how decentralized financial networks might offer a solution to such challenges, permitting peer-to-peer transactions recorded on blockchain-based smart contracts.
The new project will present a unique non-transferable token that awards holders voting rights on governance matters related to the platform, comparative to voting shares in public companies. This feature is outlined to enhance community involvement in decision-making processes.
Trump’s interest in cryptocurrency has advanced from past skepticism, where he once labeled Bitcoin a “scam against the dollar.” His recent grasp of digital resources includes NFTs and efforts to position the U.S. as the global pioneer in crypto. The Trump campaign has also locked in with cryptocurrency through donations and NFT deals, contrasting strongly with his earlier positions.
The launch of World Liberty Financial marks a critical move for Trump, mixing his new intrigue in crypto with his ongoing political and business ventures. The project’s focus on DeFi and governance tokens reflects the developing impact of blockchain innovation in mainstream financial discussions.