Former President Donald Trump is stepping into the world of decentralized finance (DeFi) with the launch of a new crypto project, World Liberty Financial. The project will kick off its token sale next week, marking Trump’s growing involvement in the cryptocurrency space.

Token Sale for Accredited Investors Only

World Liberty Financial announced via Twitter (X) that the public token sale will begin on Tuesday, October 15, but it won’t be open to everyone—only to accredited investors. To qualify, investors need to meet U.S. SEC standards, which include having a net worth of at least $1 million (excluding the value of their home) or a salary of $200,000 per year ($300,000 with a partner) for the past two years. The project aims to eventually open to all Americans but will start with a select group through a whitelist process initiated in September.

What Is World Liberty Financial?

World Liberty Financial is an Ethereum-based DeFi platform first announced by Trump’s son, Eric Trump, back in August. It aims to provide borrowing and lending services using cryptocurrency, offering an alternative to traditional financial systems. This falls within the broader DeFi movement, which uses blockchain technology to offer financial services like lending, borrowing, and trading without banks or middlemen.

A Shift in Trump’s Stance on Crypto

Donald Trump, who is running for president in 2024, was once a vocal critic of Bitcoin and other cryptocurrencies. He previously described himself as “not a fan” of the digital currency. However, in recent years, his stance has shifted. Trump now embraces blockchain and DeFi technology, even diving into NFT collectibles and expressing ambitions to make the U.S. a leader in the crypto space. He has been particularly focused on having all Bitcoin mining operations on American soil.

High Hopes but High Risks

DeFi has the potential to reshape how financial systems operate, but it also comes with risks. Projects like Uniswap, a popular decentralized exchange, have been known to offer exciting opportunities but have also faced challenges like security breaches and hacks. The World Liberty Financial team says they aim to create a “one-stop-shop for DeFi” while working to ensure strong security measures. Trump supporters and crypto enthusiasts alike will be watching closely to see if this project lives up to its bold promises of making America the “crypto capital of the world.”

As the project prepares to launch its token sale next week, the crypto world is buzzing with anticipation. Will Trump’s foray into DeFi boost his campaign, or will it face the same challenges as other high-risk projects in the space? Only time will tell.