Trump set to present new crypto project

Former President Donald Trump is set to launch a new cryptocurrency initiative, World Liberty Financial, next week.

The announcement will take place at his Mar-a-Lago resort in Florida on Monday, News.Az reports, citing the Independent.

Trump has claimed that the project will transform the financial landscape and “leave the slow and outdated big banks behind.”

The project is being led by his two sons, Donald Jr. and Eric Trump, though little is known about what the venture will entail.

In a recent interview with the New York Post, Eric Trump described it as “digital real estate” – referring to either the creation of virtual property within the metaverse, or the digital tokenisation of real-world assets in the form of non-fungible tokens (NFTs).

“It’s equitable. It’s collateral anyone can get access to and do so instantly,” he said. “I don’t know if people realise what a shake up that is for the world of banking and finance. I hope we can help change that.”

Earlier this month, tens of thousands of Donald Trump’s followers were tricked into joining a fake group on the messaging app Telegram that was claiming to offer free cryptocurrency giveaways from the Trump-backed platform.

The group has since been removed, though ads promoting the scam giveaways still continue to appear for its 150,000 members. Telegram did not respond to a request for comment from The Independent.

News.Az