Donald Trump has officially launched World Liberty Financial, a new crypto platform spearheaded by his sons, Donald Trump Jr. and Eric Trump. The platform was formally introduced at an event held at Trump’s Mar-a-Lago residence, which was broadcast live on X Spaces in partnership with Rug Radio. In a promotional video leading up to the launch, Trump emphasized a break from traditional banking, declaring that the initiative represents a commitment to advancing with crypto and leaving behind "slow and outdated big banks."

The token associated with the new venture is the WLFI token, designed to facilitate various financial activities including borrowing, lending, and investing in crypto. Unlike many other tokens, WLFI is a governance-only asset, meaning it does not confer any financial rights to its holders. It will be available exclusively to accredited U.S. investors, in compliance with regulatory standards. According to the initial framework, 70% of the WLFI tokens are allocated to the founding team and associated service providers, while 30% will be available for public purchase. This public sale is expected to generate some of the necessary funds to support the platform’s operations and growth.

A notable aspect of the project is that Barron Trump, Donald Trump’s 18-year-old son, has been designated as the “DeFi visionary” for World Liberty Financial. His role will focus on integrating DeFi solutions into the platform, reflecting a commitment to leveraging advanced blockchain technologies.

Trump’s new venture represents a significant shift in his stance on crypto. Historically, Trump has been skeptical of crypto. In a 2021 interview, he voiced concerns, labelling it as potentially hazardous and expressing his lack of enthusiasm for them. However, his views seem to have evolved, particularly influenced by the use of crypto in transactions related to his Trump-branded NFTs. During the launch event, Trump shared how his perspective has changed, noting the importance of embracing crypto as part of the future of finance. He underscored this shift with his statement, “Crypto is one of those things we have to do,” highlighting his current belief in the sector’s potential.

The launch of World Liberty Financial also faced a brief hiccup due to a hacking incident involving the social media accounts of Trump’s family members. These accounts were compromised and used to promote fraudulent crypto investments. The situation was quickly addressed, and official accounts warned users not to engage with the fraudulent posts.

This initiative marks another chapter in Donald Trump’s complex relationship with the crypto world. As he navigates this space, his efforts to position the U.S. as a global leader in crypto and his evolving views on digital currencies will likely influence both his political campaign and the broader crypto ecosystem. The development and impact of World Liberty Financial will be closely watched as it unfolds.