Former U.S. President Donald Trump along with his sons and entrepreneurs late on Monday (September 16, 2024) launched a cryptocurrency platform but provided few details.

Little was revealed about the Trump family crypto project during a two-hour online presentation other than an offer to let people buy digital “tokens” giving them a vote in platform decisions.

World Liberty Financial intended to offer services based on so-called decentralised finance. This mechanism eliminates the need for an intermediary such as a bank to carry out transactions with a third party, the politics-laced discussion indicated. Decentralised finance, or DeFi, is based on so-called blockchain technology, which keeps a theoretically open but tamper-proof record of transactions.

World Liberty Financial will enable users to lend or borrow cryptocurrencies to or from one another, a service already offered by many platforms. The former President’s son Donald Trump Jr. touted this as “the start of a financial revolution,” during a session streamed on X.

During his presidency Mr. Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin President” if elected in November.

In so doing, he is standing in opposition to the Biden administration, which is seen as a proponent of regulating the sector.