Two fundamentals underpin the business model of a new crypto bank partly owned by the Trump family. The first is that there is almost no risk it can lose money, according to cryptocurrency experts – and the second, they say, is that the sole logical motivation for depositors to put in their funds is the prospect of a financial connection to a US president and his relatives.
World Liberty Financial Trust Company received conditional approval this month from the US office of the comptroller of the currency (OCC) to start a bank. An entity affiliated with Donald Trump and his family members owns about 38% of the company. The agency is led by a political appointee of the US president.
