In a two-hour livestream on X Spaces, former President Donald Trump, along with his sons Eric Trump and Donald Trump Jr., showcased their latest venture in the ever-expanding world of cryptocurrency. The trio, joined by their business partner Chase Herro, introduced a new crypto endeavor named World Liberty Financial, signaling Trump's growing interest in the digital finance space.

During the livestream, President Trump focused on the potential of cryptocurrency and its implications for the United States, emphasizing the need to compete with China, which has already embraced the technology. "If we don't do it, China's going to do it," Trump stated, emphasizing the importance of the U.S. being a leader in the crypto market.

While the Trumps themselves are not directly involved in the operations of World Liberty Financial, but instead leave it in the hands of Herro and Zachary Folkman, the project's inception can be attributed to real-estate investor Steve Witkoff, who introduced the business partners to the Trump sons. Donald Trump Jr. acknowledged the expertise of Herro and Folkman in the field of macroeconomics, comparing their abilities to those in prestigious financial institutions like Goldman Sachs.

World Liberty Financial enters the decentralized finance (DeFi) sector, providing users a platform to lend and borrow crypto assets without involving traditional financial intermediaries. Debanking, a term that refers to difficulties in accessing credit lines from established financial institutions, was highlighted by Donald Trump Jr. as a personal experience faced by the Trump family. The DeFi model enables users to directly engage in lending and borrowing transactions via smart contracts recorded on the blockchain.

As part of the project, World Liberty Financial will introduce a non-transferable token, allowing holders to participate in governance matters related to the platform. This unique token system resembles the concept of voting shares in publicly held companies, giving token holders a voice in decision-making processes.

The Trump family has been teasing the project for weeks, previously referring to it as the DeFiant Ones before settling on World Liberty Financial. Eric Trump expressed his enthusiasm for the world of crypto and DeFi on social media, hinting at a significant announcement to come.

Donald Trump's increasing support for the crypto industry is a notable shift from his previous skepticism. Earlier this year, he referred to Bitcoin as a "scam against the dollar." However, in recent months, his stance has transformed, with Trump openly expressing his desire to make the United States the "crypto capital of the world." In fact, he has personally delved into the digital markets with NFT collections, including one featuring his own mugshot.

The Trump campaign also displayed its affinity for cryptocurrencies by raising approximately $3 million from donors affiliated with the crypto industry. Furthermore, Donald Trump became the first presidential candidate to accept campaign donations in cryptocurrency, showcasing his growing acceptance of the digital asset landscape.

The livestream featuring President Trump and his sons not only serves as a promotional platform for World Liberty Financial but also highlights the family's newfound understanding of the challenges faced by everyday Americans in accessing financial services. This venture into the world of DeFi demonstrates their ongoing commitment to innovation in the financial sector and their desire to provide alternative avenues for individuals and businesses to navigate the evolving economic landscape.