World Liberty Financial will make its market debut on September 16, as Donald Trump plans an X Space launch for the DeFi project.
After teasing the decentralized finance (DeFi) project for a while, Donald Trump has officially revealed the launch date for World Liberty Financial.
In an X video on Thursday afternoon, Republican nominee and former U.S. president Donald Trump announced the long-awaited project would launch on Monday, September 16.
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024
Trump noted that he is hosting a livestream on X Spaces at 8 PM (EST), where he will launch the World Liberty Financial project. According to him, the DeFi venture embraces the future with cryptocurrency, leaving behind the “slow and outdated big banks.”
World Liberty Financial Taking Shape
The Trump family has yet to release the specifics of the new project teased to disrupt the traditional banking system. However, they have given hints on several occasions about what to expect from the project. Per an earlier report, Eric Trump noted that the venture was in the similitude of digital real estate.
A reported World Liberty Financial whitepaper showed the DeFi project drew inspiration from Dough Finance. The Trump family project plans to offer digital asset custody, lending, and borrowing services. A now-deleted GitHub codebase also mentioned a non-transferable governance token, WLSI.
World Liberty Finance will reportedly launch on the Aave chain, an open-source protocol based on the Ethereum network. The DeFi project would also promote the use of stablecoins.
Conflict of Interest
However pleasing the DeFi project and Trump’s fraternity with the crypto industry are to the sector’s community, they have come with a bunch of criticisms. The critics cite the use of the industry for personal gains and a possible conflict of interest.
Jordan Libowitz, a Citizens for Responsibility and Ethics spokesperson, noted that Trump’s pro-Bitcoin stance was not contentious. However, using his newfound embrace to promote a project for personal gains would create a conflict of interest.
Another critic, Nic Carter, stated that the World Liberty Finance move was a huge mistake. The Castle Island Ventures partner asserted that Trump was milking the crypto sector in a “naive way” and ruining the goodwill the industry has raked up in years.
Notably, Trump showed skepticism towards cryptocurrency in the past. The former president went from calling Bitcoin a scam and a currency whose value rests on thin air in 2019 to stating he wants America to be the crypto capital of the world.
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