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 Monday on social media platforms X (formerly Twitter) and Telegram, the project is currently accepting accredited US investors as well as non-US participants.
Trump’s vision for crypto
The project announcement highlighted its commitment to inclusiveness, saying: “World Liberty Financial whitelists are now OPEN. Supported by Donald J. Trump. Although these whitelists are currently open to U.S. accredited investors and all non-U.S. persons, we are not turning our backs on the average American.
This reflects the initiative’s aim to promote financial freedom for individuals, regardless of their financial situation. However, due to current policies and regulations, one whitelist is reserved for accredited US investors, while another is available for non-US persons.
In another social media postTrump reiterated his vision of “making America great again, this time with crypto,” saying World Liberty Financial intends to position the United States as the world’s leading crypto capital. “The whitelist of eligible people is officially open – this is your chance to be part of this historic moment,” he said.
The platform, introduced by Trump and his sons during an online event two weeks ago, aims to strengthen financial security and facilitate peer-to-peer transactions. It aims to integrate into the broader decentralized finance movement, which allows users to trade, lend and borrow digital assets through automated software without intermediaries.
However, the specific features and launch date of the platform have not yet been disclosed. The project is also expected to promote the use of stablecoins pegged to the US dollar, potentially strengthening America’s financial influence globally.
Interestingly, a preliminary white paper for World Liberty Financial, examined by Bloomberg News, contains a disclaimer that the project “is not owned, managed, operated, or sold” by the Trump family, while indicating that they may receive compensation under the initiative.
Beware of World Liberty Financial
Despite ambitious goals, concerns about the security and transparency of the project emerged as the launch date approached. Critics, including Rep. Maxine Waters, have highlighted risks associated with DeFi, such as so-called “hack and scam vulnerabilities.”
Waters specifically highlighted World Liberty Financial as a project that deserves caution from consumers and investors. Additionally, skepticism about 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 move in Trump’s growing involvement in the cryptocurrency sector. However, in August, the former president spear its fourth collection of non-fungible tokens (NFTs), further cementing its commitment to engage with the digital asset market as part of its re-election campaign in November.
Featured image of DALL-E, chart by TradingView.com
