Donald Trump and His Sons Are Reportedly Launching a Cryptocurrency Project Called World Liberty Financial

The document and other reporting describe a borrowing and lending service strikingly similar to Dough Finance

Former U.S. President Donald Trump and his sons are reportedly preparing to launch a cryptocurrency project named World Liberty Financial.

According to a white paper obtained by CoinDesk and people familiar with the matter, the project will include a borrowing and lending service powered by decentralized finance (DeFi).

The project, which was initially teased on social media, will be spearheaded by Trump, who has taken the title of "Chief Crypto Advocate."

His sons, Eric Trump and Donald Trump Jr., will serve as "Web3 Ambassadors" and appear to be playing a key role in promoting the initiative.

The white paper describes a "credit account system" built on the Aave DeFi platform and the Ethereum blockchain to facilitate decentralized borrowing and lending.

Governance tokens, such as WLFI, are typically used in crypto projects to allow holders to participate in decision-making processes.

In this case, the platform's users "can suggest and vote on adding new DeFi lending markets or integrating new blockchains," the white paper states.

The project also aims to provide an "easy-to-use interface for accessing WLFI as a 'smart account' or a brokerage."

Previous attempts to create crypto brokerage services have had varying success, with some companies like Voyager Digital filing for bankruptcy in 2022, leading to significant customer losses.

Meanwhile, traditional financial firms have also expressed interest in offering brokerage services to crypto clients, though they have largely refrained from venturing deep into DeFi.

World Liberty Financial Team Structure

In addition to the Trump family members, the project's leadership team comprises several individuals who are not related to the former president's family.

These include Zachary Folkman, Chase Herro, Octavian Lojnita and Boga, who are listed as the head of operations, data and strategies lead, smart contracts lead and front-end developer, respectively.

Folkman and Herro, who also goes by "Chase Hero," are longtime friends and business partners.

Together, they co-founded Subify, a platform that bills itself as a censorship-free competitor to Patreon and OnlyFans, both of which offer services that allow customers to pay content creators, with the latter being more skewed toward explicit content.

Prior to this, Folkman also registered a company called Date Hotter Girls LLC and posted seminars on YouTube on how to pick up women.

Herro, on the other hand, has appeared as a guest on popular podcasts, including YouTuber Logan Paul's "Impaulsive" podcast, where he discussed his past stints in prison for drug-related charges and how he became wealthy as a "self-made businessman."

Interestingly, Paul is currently facing a class action lawsuit that accuses him of orchestrating a rug-pull with his failed CryptoZoo project.

Court records show that Herro owns a 34-foot boat named "Clickbait."

According to data from Open Corporates, Folkman, under the alias Zack Bauer, previously operated the pick-up artist advice platform "Date Hotter Girls" with another individual, Rob Judge.

During his work with Date Hotter Girls, Folkman taught "masterclasses," including one on how to "Become the Ultimate Alpha Male."

Herro and Folkman also started "The Watchers," a Facebook page and YouTube channel with 2,280 subscribers, beginning in 2015.

The channel provided information about cryptocurrency and entrepreneurship, although the last video was uploaded four years ago.

Additionally, Herro reportedly operated a crypto trading firm called "Pacer Capital," which appears to have ceased operations.

Trump's Crypto Campaign

The initiative marks a significant shift for Trump, who expressed skepticism toward digital assets during his presidency and famously derided Bitcoin {{BTC}} as "based on thin air."

However, in a campaign that has seen crypto companies contribute more than half of all corporate campaign spending in this election cycle, the former president appears to be aiming to solidify his appeal with an industry that has played a pivotal role in shaping the political landscape.

It comes after Trump sold multiple waves of Trump-themed non-fungible tokens (NFTs), some of which granted purchasers raffle tickets to attend a dinner with him or other similar rewards, with the fourth batch having just been released.

Cryptocurrency companies have poured $119 million into the 2024 election cycle, second only to the fossil fuel industry.

Coinbase and Ripple are among the top-10 corporate spenders in this election, with Coinbase securing the No. 1 spot.

The crypto industry has also made itself felt through targeted funding spent by Fairshake, a super political action committee, and its affiliated PACs, which together claimed 26 wins in the 2024 primaries.

Trump and other Republicans have sought to argue that they will nurture the crypto industry, replacing regulators and allowing entrepreneurs to launch products without fear of lawsuits

The above is the detailed content of Donald Trump and His Sons Are Reportedly Launching a Cryptocurrency Project Called World Liberty Financial. For more information, please follow other related articles on the PHP Chinese website!