Republican former President Donald Trump and his family have been promoting a secret crypto project called “World Liberty Financial” for over a month. They claim it will be a crypto banking platform where users can borrow and lend crypto, with 70% of the equity owned by Trump family members and insiders.
Now, with 50 days until the presidential election, Trump announced on Twitter that he would launch World Liberty Financial in an event on Monday night. The event started at his Palm Beach resort, Mar-a-Lago.
During the event, Trump spoke with Farokh Sarmad, a crypto enthusiast. CNBC reached out to World Liberty Financial for more information, but received an email from an anonymous source that did not answer their questions.
Steve Witkoff, a friend of Trump’s and one of the founders of World Liberty Financial, was involved in an incident where gunshots were fired at Trump International Golf Club. Witkoff is part of a small group of founders who will share a 70% stake in the crypto bank.
Barron Trump, Eric Trump, and Donald Trump Jr. are also part of the project. While the Trump family will receive compensation, Bloomberg reports that they do not own or operate the platform.
The project has not yet produced a white paper, raising doubts about its readiness to launch. Witkoff and Eric Trump are leading the project, despite being new to the crypto industry.
Details about the project are scarce, as members are asked to sign non-disclosure agreements for more information. Some supporters of Trump worry that the crypto venture could harm his relationship with the industry if it doesn’t go well.
Overall, Donald Trump, Sr. appears to be less involved in the project at this time.
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