Here is What to Know About the Trump Family’s New Crypto Project

For several weeks, Donald Trump and his sons have hinted at an upcoming cryptocurrency initiative, although they have yet to share many details publicly.

Behind the scenes, however, the former US president’s inner circle is quietly working on a white paper for World Liberty Financial. CoinDesk has obtained portions of this document.

The white paper, along with other reports, outlines a borrowing and lending service that closely resembles Dough Finance, a blockchain application that was recently hacked by four individuals who are now part of the World Liberty Financial team. Trump’s three sons, including 18-year-old Barron, who is described as the project’s “DeFi visionary,” are also involved, along with various financiers and e-commerce influencers.

The latest information indicates that this project will be a decentralized finance (DeFi) lending platform built on Ethereum and Aave. Additionally, the project will feature a governance token, WLFI, which will be non-transferable.

Due to the transfer restrictions on WLFI, it will be challenging to speculate on the token’s price.

According to World Liberty Financial’s white paper, the project will incorporate a “credit accounting system” based on the Aave DeFi platform and Ethereum blockchain, enabling decentralized borrowing and lending.

Governance tokens like WLFI usually allow holders to take part in the governance of the project. In this case, platform users will be able to “propose and vote on the addition of new DeFi lending markets or the integration of new blockchains,” as outlined in the white paper.

The document also notes that the platform will feature “a user-friendly interface for accessing WLFI either as a ‘smart account’ or through a broker.”