Former President Donald Trump introduced his new cryptocurrency venture, World Liberty Financial, during a livestream on Monday. He was joined by his sons, Donald Trump Jr and Eric Trump, and two crypto entrepreneurs.
During the livestream, Chase Herro and Zachary Folkman, the entrepreneurs behind the project, discussed World Liberty Financial. However, the project's purpose remains unclear.
“Crypto is one of those things we have to do," Trump said on X. "Whether we like it or not, I have to do it."
Steve Witkoff, a real estate magnate and family friend, was instrumental in planning the venture. By July, AMG Software Solutions in Puerto Rico had filed a trademark for the platform.
World Liberty Financial aims to promote the adoption of stablecoins, which are cryptocurrencies with a stable value of $1. The venture may serve as a borrowing and lending platform, featuring a new cryptocurrency called $WLFI.
Trump's children have specific roles in the venture. The former president is designated as "chief crypto advocate," Barron Trump is labeled the "DeFi visionary," and Eric Trump and Donald Trump Jr are "web3 ambassadors."
In the livestream, Herro expressed the venture’s goal of making crypto investments more accessible. "This country’s been so good to me, and crypto has been so good to me," he said.
Herro, who previously faced legal troubles, described stablecoins at a seminar as “the biggest innovation since sliced bread.” Folkman, who previously ran Date Hotter Girls, has since transitioned to the crypto space.
Due to regulatory challenges, the platform will limit its digital currency offerings to accredited investors in the US. "The lawyers are getting nervous back there... They’re sweating," Folkman mentioned during the stream.
Ethics experts, like Danielle Brian of the Project on Government Oversight, have raised concerns about potential conflicts of interest if Trump were to win the upcoming election. "He would be able to push regulatory agencies to favor businesses he is involved in," Brian told The New York Times.
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