Former President and Republican candidate Donald Trump’s decentralized finance (DeFi) and cryptocurrency initiative World Liberty Financial has officially begun user registration, although details about the platform’s specific services remain unclear.
Announced on Monday on social media platforms X (formerly Twitter) and Telegram, the project is now accepting accredited U.S. investors as well as non-U.S. participants.
Trump’s vision for cryptocurrencies
Design announcement emphasized its commitment to inclusivity, stating: “World Liberty Financial whitelists are now OPEN. Endorsed by Donald J. Trump. While these whitelists are currently open to accredited U.S. investors and anyone outside the U.S., we do not turn our backs on the everyday American.”
This reflects the initiative’s aim to promote the financial freedom of individuals, regardless of their financial situation. However, due to existing rules and regulations, one whitelist is for US accredited investors and the other is available to non-US individuals.
In another post on social mediaTrump reiterated his vision of “making America great again, this time with cryptocurrencies,” claiming that World Liberty Financial intends to position the United States as the world’s leading cryptocurrency capital. “The whitelist of eligible people is officially open – this is your chance to be part of this historic moment,” he said.
Platform, introduced by Trump and his sons at an online event two weeks ago, aims to augment financial security and facilitate peer-to-peer transactions. It aims to integrate with the larger decentralized finance movement, which allows users to trade, borrow and lend digital assets through automated software without intermediaries.
However, the detailed functionalities and release date of the platform have not been revealed yet. The project is also expected to promote the apply of U.S. dollar-denominated stablecoins, potentially increasing America’s financial influence on a global scale.
Interestingly, the initial white paper for World Liberty Financial, review Bloomberg News includes a disclaimer stating that the project “is not owned, operated, operated or sold” by the Trump family, while indicating that they may receive compensation from 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, do highlighted risks associated with DeFi, such as alleged “hacking and fraud vulnerabilities.”
Waters specifically pointed to World Liberty Financial as a project requiring caution among consumers and investors. Additionally, skepticism about the project’s validity has been fueled by its website’s apply of privacy services allegedly linked to previous cybercriminal activity.
World Liberty Financial is the latest venture in Trump’s growing involvement in the cryptocurrency sector. However, in August, former president fired his fourth collection of non-fungible tokens (NFTs), further strengthening his commitment to working with the digital asset market as part of his November re-election campaign.
Featured image from DALL-E, chart from TradingView.com
