Trump to Launch World Liberty Financial, Calls Big Banks ‘Slow and Outdated’

Republican presidential candidate Donald Trump announced the launch of his new crypto platform World Liberty Financial on Friday.

Through a video posted on X, the former U.S. President shared plans to go live on Twitter Spaces at 8 pm EST on September 16 where the official launch will happen. Trump started off as a critic of crypto to eventually become a great advocate over the years. “We are embracing the future with crypto and leaving the slow and outdated big banks behind,” he said.

.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024

He has also been speaking critically of banks and financial institutions for some time now. In August, he took to his social media platform “Truth Social” to express his stance against traditional banking. He also created a dedicated Telegram channel in support of crypto, called World Liberty Financial, reportedly with the goal to help drive the worth of U.S. dollar-pegged stablecoins.

Controversy Surrounding World Liberty Financial

Even before the launch, Trump’s new crypto project had already been plagued by scams and cyber threats. The Shib Daily reported earlier that the X accounts of Lara Trump, Donald Trump’s daughter-in-law, and Tiffany Trump, his daughter, were compromised and used to promote scam tokens.

World Liberty Financial confirmed the breach shortly after, alerting the public that they shouldn’t click on any links or engage with any purchase tokens associated with Lara and Tiffany.

The incident is comparable to what happened to DJT and Restore the Republic (RTR), which made headlines due to fraudulent activities. Convicted fraudster Martin Shkreli promoted DJT and even claimed that Barron Trump, Donald Trump’s youngest son, was a part of the project. RTR’s value, meanwhile, was at $155 million before it started plummeting, leaving people with a lot of doubts regarding the legitimacy of Trump-related cryptocurrencies.

The launch of Trump’s World Liberty Financial crypto platform garnered mixed reactions online.

On X, a real-estate professional named Dorian (@CREdebtDorian) asked whether World Liberty Financial can compete with the likes of banks and traditional institutions. “Will the World Liberty Financial give the banks a run for their money?” he asked.

Mathematician Fred Krueger (@dotkrueger) also expressed his concerns about the platform and highlighted his reluctance in accepting it. Commenting on Krueger’s post, Thomas Young (@tomyoungjr), the Managing Partner at RUMJog Enterprises, aired his thoughts. “Lots of things are going to happen – liberty shit coin is just a sideshow to the main show. If this is a pump-and-dump scheme to make some money — then we are in a world of hurt. If Trump derails — it is game over the level of hurt. The country will not recover,” he wrote.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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