KEY POINTS
- Trump will go live on X Spaces on Monday to announce the launch of his sons' DeFi project
- Details are scant about the platform, but the Trumps said it will serve the unbanked population
- Riot Platform's Pierre Rochard said WLFI is a 'distraction,' and Trump should only focus on $BTC
Republican presidential candidate Donald Trump has just announced the launch date of World Liberty Financial, the decentralized finance (DeFi) project his sons Donald Trump Jr. and Eric Trump started.
The business mogul took to X on Thursday to reveal that WLFI will finally launch on Monday, Sept. 16. He said the launch will be held at 8 p.m. through X Spaces. "We're embracing the future with crypto and leaving the slow and outdated big banks behind," he said.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
The WLFI team said Trump himself will officiate the launch ceremony live from his Mar-a-Lago estate. "Tune in to hear our vision for making finance great again," the team said on social media channels.
What is WLFI?
Trump's two sons first teased a DeFi project earlier in August, first calling it "The DeFiant Ones." The project was rebranded and the Trumps revealed a few more details about the venture and what it will do for consumers.
Trump Jr. has said WLFI is a platform that will cater to American consumers, who, like his family, were "de-banked, de-platformed and had every political game imaginable played on us." He said the platform will put the power back into the hands of the people.
Trump himself has also teased that the venture is a challenge to the traditional banking system. He said it was time to "take a stand" against big banks and financial elites.
Who is Backing WLFI?
The Block first reported that a company called AMG Software filed trademarks applications for "World Liberty Financial," "Be DeFiant," and "World Liberty." Details about the said company are scant, but its home address is the same as the address listed for OnlyFans competitor Subify.
Real estate investor Steve Witkoff may also be involved in the venture, as he said he was "on the verge of something game-changing in crypto and DeFi," and used the #BeDeFiant hashtag on his post.
Earlier this week, the project announced that it has tapped Ogle, a renowned sleuth and negotiator in the crypto space, to become an advisor. Ogle has since confirmed that he is joining WLFI as an advisor, but clarified that his role in the Trumps' venture is not associated with blockchain GlueNet, which Ogle co-founded.
Bitcoiner Rafael Yakobi, a managing partner at The Crypto Lawyers, has also joined the venture as an advisor. "As the founder of one of the first exclusively crypto-focused law firms in the U.S., Rafael brings unmatched expertise in navigating the complex regulatory landscape for crypto," WLFI said.
🚨 Advisor Announcement! 🚨
— WLFI (@worldlibertyfi) September 10, 2024
We’re excited to welcome Rafael Yakobi @Deliver8tor to World Liberty Financial! 🎉
As the founder of one of the first exclusively crypto-focused law firms in the U.S., Rafael brings unmatched expertise in navigating the complex regulatory landscape… pic.twitter.com/nSFjP1hqB0
Crypto Users Express Excitement for New Platform
FairTalk founder Hugo Vale said Trump is currently the only politician who is challenging "the entire financial establishment."
Trump is the only politician with the balls to challenge the entire financial establishment.
— Hugo Vale (@HugoVale_) September 12, 2024
This is a massive W.
One crypto user welcomed the former president's entry into the Web3 space, expressing hope that the Trumps are joining the revolution "to build & with crypto values as well."
Bitcoiners Not So Happy About Trumps' Project
There have been earlier concerns about WLFI allegedly having a code that's very similar to Dough Finance, which was recently exploited for over $2 million. However, the most recent narrative is coming from Bitcoiners, who believe the crypto realm should only focus on BTC, the world's largest digital asset by market value.
Pierre Rochard, the VP of Research at Bitcoin miner Riot Platforms, said WLFI is "a distraction." He urged the former president to focus on Bitcoin and winning the November election instead of working on a DeFi venture.
This is a distraction.
— Pierre Rochard (@BitcoinPierre) September 12, 2024
Just focus on bitcoin, or winning the election.
Mitchell Askew, author of The Conservative Case for Bitcoin, said that the BTC community doesn't need the Trumps' DeFi project. "We already have Bitcoin and it's all we need," he said.
With all due respect Mr. President, whatever it is you are launching, we don’t need
— Mitchell 🇺🇸🚀 (@MitchellHODL) September 12, 2024
We already have #Bitcoin and it’s all we need pic.twitter.com/qwz9JGuEVr
The Bitcoin podcast host Walker said Trump should have specified "Bitcoin, not 'crypto.'" Joe Burnett of Unchained had similar thoughts. "Bitcoin is the future. Ignore the noise," he said.
Ahead of the project's official launch, the Trumps have warned crypto users against clicking links to fake tokens that claim to be associated with WLFI.
