Donald Trump announced his own cryptocurrency WLFI and promised the mass introduction of digital finance

Former US President Donald Trump, who now intends to retake this post, announced the opening of World Liberty Financial, which will deal with digital assets. The company will also release its own cryptocurrency. There is an opinion that this activity could cause a conflict of interest if he becomes president again.

Image source: Library of Congress / unsplash.com

There aren’t a lot of details about the new decentralized finance (DeFi) platform, but according to the politician’s son, the company will help people who can’t get financing from traditional banks – the current banking system has been characterized as biased and politicized. World Liberty Financial will become a kind of crypto-banking platform where the general public will be invited to borrow, lend, and invest in cryptocurrency. “We embrace the future of cryptocurrency and leave the slow and outdated big banks behind,” Donald Trump said.

A companion token called WLFI will also be released, the founders announced on Monday. According to project founder Zak Folkman, the capital structure of the new cryptocurrency will be as follows: 20% of the tokens will be allocated to the founding team, which includes the Trumps, 17% of the tokens will be reserved for user rewards, and the remaining 63% of the coins will be available for purchase. However, sources say that only accredited investors will be able to buy tokens in accordance with American laws.

«It [the company] is very young and very growing. I believe in her,” Trump wrote on his social network. During the election campaign, he promised that as head of state he would take a number of measures favorable to the digital currency market. He made this promise as he seeks political and financial support from the Bitcoin community. If Trump is indeed elected, these actions promise direct benefits to his new company.

In 2023, he earned $7.2 million from selling non-fungible tokens (NFTs) bearing his image, according to the former president’s financial filing in August. He also owns 115 million common shares of Trump Media & Technology Group, which includes his microblogging platform Truth Social; he said last Friday that he had no intention of selling those securities, and Trump Media’s previously falling shares jumped 25% after the announcement. .

He once rejected Bitcoin, saying it was not money, but has now made several political commitments favorable to the cryptocurrency industry. In particular, he promised to fire the chairman of the Securities and Exchange Commission (SEC), who is skeptical of cryptocurrencies, and also said that he would create a “strategic national reserve of bitcoins.” “If the future is going to be defined by cryptocurrency, I want it to be mined, mined and produced in the United States,” Trump said at one event.

Cybersecurity experts, however, point out that Trump’s World Liberty Financial could be a prime target for hackers. And this is a completely realistic threat: unknown cybercriminals have already published links to phishing sites posing as real company resources on the pages of Trump’s daughter and daughter-in-law on social network X. The World Liberty Financial project even had to warn subscribers on the platform to beware of scammers.