[NEWS] Trump announces launch date for Web 3.0 project "World Liberty Financial"

Republican presidential candidate Donald Trump announced the official launch date of the Web 3.0 project "World Liberty Financial" on the 12th.

Trump said in a video posted on the official X account, "Join us on September 16th at 8pm on Twitter Space for the live launch of World Liberty Financial."

"We will embrace the future with crypto assets and leave outdated big banks behind," he claimed.

Donald Trump and Eric Trump hinted at the announcement of a project related to crypto assets and DeFi on August 7.

On September 3, CoinDesk reported on the white paper being considered at the workshop. The project will be built on decentralized finance platform Aave and Ethereum and will be centered around a credit account system.

Trump is seeking reelection in this year's presidential election. He is now welcoming the cryptocurrency community, which had previously taken a negative stance.

At the Bitcoin 2024 conference earlier this summer, Trump stated that if he wins the presidential election, he will fire Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC). He also announced that he will block the sale of 213,000 Bitcoin (BTC) held by the United States.

Earlier this month, Corey Caplan, co-founder of DeFi platform Dolomite, was appointed as an advisor to World Liberty Financial.

Shortly after, the project stated that it wants to make security its top priority and promote the adoption of stablecoins.

The project posted on a dedicated Telegram channel: "We are not taking any chances. We are working with some of the world's top security experts, including Zokyo, Fuzzland, PeckShield, and BlockSecTeam. Our code has been thoroughly reviewed by these industry leaders. We are leveraging best practices and putting the security of our users first."

These events came two days after Lara Trump and Tiffany Trump's X accounts were hacked and posted about a token that was allegedly linked to World Liberty Financial.

Can the Web 3.0 project turn things around?

Rep. Maxine Waters, the leading Democrat on the House Financial Services Committee, criticized Trump's Web 3.0 project this week.

"DeFi aims to improve efficiency and transparency, but it also increases the risk of hacking, fraud, unfair information, and conflicts of interest, which could harm consumers and investors. We'll see this happen in action with the new DeFi venture Eric Trump and Donald Trump are planning to launch, called World Liberty Financial," she said.

After losing the CNN debate with Vice President Kamala Harris on the 10th, Trump is pinning his final hopes on the Web 3.0 project to turn things around. However, since the winds of the presidential election are now blowing in Harris' favor, we can only hope that Trump will not give up and derail the project.

Reference: Trump

Image: Shutterstock

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