Donald Trump to Launch His Own Cryptocurrency WLFI on October 15
Presidential candidate Donald Trump is making headlines once again, this time for his upcoming launch of a new cryptocurrency called World Liberty Financial (WLFI). Set to debut on October 15, the project is being led by his sons, Don Jr. and Eric Trump.
What is WLFI?
World Liberty Financial token aims to provide a range of services including crypto borrowing, lending, and investing through a decentralized platform. It is important to note that this cryptocurrency will be available exclusively to KYC-compliant U.S. investors. While there is excitement among Trump supporters about this new venture, some in the crypto community have raised concerns about transparency and decentralization.
Key figures in the industry, such as Dogecoin founder Billy Marcus, have voiced their criticism of the project, questioning its potential impact on Trump's presidential ambitions. Additionally, the WLFI token, which serves as a Governance Token for holders to vote on proposals and project direction, has raised eyebrows due to the allocation of 70% of tokens to founders and service providers, leaving only 30% for public sale.
Project Details and Concerns
The initial phase of WLFI will involve the launch of a DeFi lending platform on the Ethereum Layer 2 (L2) solution named "Scroll." This platform will support various cryptocurrencies such as Bitcoin, Ether, and stablecoins. Future plans for WLFI include the creation of a stablecoin-focused credit card, integration with exchanges for seamless transactions, and fractionalizing ownership of real-world assets like hotels and clubs. However, concerns about the project's decentralization status linger as detailed information is scarce.
Another point of contention is the background of the project leaders, Zachary Folkman and Chase Hero, who were previously associated with a DeFi platform called “Do Finance” that experienced a $2 million hack in July. The use of similar code in the WLFI project has raised security concerns among critics.
Mixed Reactions to Trump's Involvement
While Donald Trump has expressed vocal support for cryptocurrency, pledging actions such as dismissing SEC chairman Gary Gensler, establishing a crypto advisory council, and enhancing regulatory clarity for the industry, the announcement of WLFI has sparked mixed reactions. Some see it as a positive sign of Trump's interest in the crypto space, while others question the project's motives and implications.
It will be interesting to see how the launch of World Liberty Financial unfolds on October 15 and how the cryptocurrency community responds to this new development.
Related News:
- Trump’s Polymarket Bet Odds Surge to 55% while Harris trails at 43%
