The platform will be controlled by his sons, Donald Trump Jr. and Eric Trump. The official announcement is scheduled to take place at the Mar-a-Lago resort in Florida at 8 p.m. ET tonight, just 50 days before the upcoming Election Day.

The Trumps have been actively promoting their latest venture on social media, hailing it as "the future of crypto." According to a white paper obtained by cryptocurrency news site CoinDesk, the project's "DeFi visionary" is none other than Barron Trump, the 18-year-old son of Donald Trump and a first-year student at New York University. DeFi, short for "decentralized finance," is a term used to describe financial services offered through public blockchains.

Expressing their forward-looking approach, the Trumps stated in a video posted on X from Mar-a-Lago, "We're embracing the future with crypto and leaving the slow and outdated big banks behind." This aligns with Donald Trump's presidential campaign promise to position the United States as the "crypto capital of the planet."

While the Trumps' enthusiasm for cryptocurrency is evident, concerns have been raised about the potential conflict of interest that may arise from the former president's involvement in promoting a personal financial project using federal resources. Jordan Libowitz, spokesperson for the government watchdog group Citizens for Responsibility and Ethics, expressed that "taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it." Moreover, the success of World Liberty Financial could be closely tied to American economic policy.

Given the limited information released so far, there is still much to learn about the functioning of World Liberty Financial. Cryptocurrency exchanges are generally platforms where investors can buy and sell digital assets, similar to traditional stock exchanges. Eric Trump has mentioned that the startup seeks to promote "financial independence," while Donald Trump Jr. has declared its goal as "making finance great again."

Cryptocurrencies have gained popularity among millions of Americans, particularly young men. According to data from the Pew Research Center, 43% of American men between the ages of 18 and 20 have invested in, traded, or used cryptocurrency, as opposed to 16% of the general population.

Interestingly, despite his current involvement in the crypto space, President Trump had previously expressed skepticism towards cryptocurrencies during his time in office. In 2019, he tweeted that cryptocurrencies "can facilitate unlawful behavior, including drug trade and other illegal activity." This contrasts with his recent acceptance of cryptocurrency donations for his presidential campaign, which he referred to as a way to build and mobilize a "crypto army."

As the details surrounding World Liberty Financial unfold, it will be fascinating to see how the Trump family's venture shapes up and its potential impact on the world of cryptocurrency and American economic policy.