Former US President Donald Trump, his sons and businessmen launched a cryptocurrency platform on Monday, but without revealing many details.
Little was known about the Trump family's cryptocurrency project during a two-hour online presentation, except for an offer to let people buy fiat currencies that would allow them to vote on decisions related to the platform.
The event went ahead according to plan despite an alleged assassination attempt on Trump on Sunday at his golf course in West Palm Beach, Florida.
The discussion, which largely touched on politics, said that World Liberty Financial aims to provide services based on what is known as a decentralized exchange, a mechanism that eliminates the need for an intermediary such as a bank to conduct financial transactions with a third party.
The decentralized exchange is built on what is called blockchain technology, which keeps a record of financial transactions theoretically open but not tamper-proof.
World Liberty Financial will enable users to lend or repay cryptocurrencies to or from one person to another, a service that several platforms, most notably Aave, already offer.
Former President Donald Trump Jr.'s son described the platform as the beginning of a financial revolution, during a session broadcast on the X platform.
Zachary Volkman and Chase Herro, two of the project's founders and known as prominent cryptocurrency entrepreneurs, explained that the platform will primarily use stablecoins backed by a traditional currency, most often the dollar.
As a result, the currency will not be subject to the large fluctuations experienced by cryptocurrencies that are not pegged to real currencies.
Volkman said World Liberty Financial seeks to attract people to cryptocurrencies by creating an easily accessible platform.
The project leaders say they will sell tokens that give their owners the right to participate in the management of the platform, with 63 percent of them available to the public, 20 percent allocated to the founding team, and the rest allocated as rewards to users.
No timeline has been revealed for the project.
Trump referred to cryptocurrencies as a fraud during his presidency, but he has since changed his position, presenting himself as a pro-Bitcoin president if elected in November.
In doing so, he has put himself in opposition to President Joe Biden's administration, which is pro-regulation of the sector.
