3 months ago
22
Former President Donald Trump is set to announce the launch of
World Liberty Financial
, a bold new cryptocurrency platform, controlled by his sons
Donald Trump Jr.
and
Eric Trump
, but the spotlight is firmly on his youngest son,
Barron Trump
.
At just 18 years old and a freshman at New York University, Barron has been named the project’s “DeFi visionary”, signaling his surprising and pivotal role in shaping the future of the Trump family’s financial ventures, reported CBS.
The announcement will be made from Mar-a-Lago on September 16, with Donald Trump touting the platform as "the future of crypto." Barron, whose responsibilities will focus on
decentralized finance
(DeFi) services, has been described in the project’s white paper, obtained by CoinDesk, as the key architect behind the family’s push to leave traditional banking behind and embrace blockchain technology.
"We're embracing the future with crypto and leaving the slow and outdated big banks behind," Donald Trump said in a video promoting the new venture.
DeFi, short for decentralized finance, represents a new frontier in the financial world, offering services like lending, borrowing, and trading through blockchain technology. According to CBS, Barron, though previously out of the public eye, is stepping into this innovative and complex space, seemingly positioning himself as a significant player in the cryptocurrency industry.
With 70% of the company’s tokens reserved for insiders and the rest to be sold publicly, World Liberty Financial has been shrouded in mystery. The involvement of Barron adds a layer of intrigue, as he emerges as the youngest Trump to take on a high-profile role in the family business.
"Financial independence is what we're promoting," Eric Trump said in a recent statement, but Barron’s role as the DeFi strategist could be what truly sets this venture apart. His focus on decentralized finance is seen as a bid to revolutionize how financial services are conducted, bypassing traditional banks.
Yet, the move comes with controversy. Critics question whether the former president's campaign promises of turning the US into the "crypto capital of the planet" are part of a larger strategy to blend political influence with personal business interests. Jordan Libowitz, a spokesperson for Citizens for Responsibility and Ethics, warned, "The troubling aspect is doing it while starting a way to personally benefit from it."
Despite the controversy, the Trumps remain steadfast, with Eric Trump describing the venture as promoting "financial independence," and Donald Trump Jr. vowing to "make finance great again."
