In summary
- Presidential candidate Donald Trump’s Cryptocurrency project, World Liberty Financial, is beginning to open its doors to users.
- Currently, only accredited investors in the US and other countries can register on the platform.
- The project plans to open the platform to all Americans in the future, providing access to financial tools and opportunities.
Presidential candidate Donald Trump’s cryptocurrency project, World Liberty Financial, is finally starting to open its doors to users, although not all Americans are currently eligible to sign up for the upcoming platform.
Users can now connect their cryptocurrency wallets to the website, and a spokesperson for World Liberty Financial also confirmed to Decrypt that the project is ready for potential customers to sign up, but did not comment further.
The World Liberty Financial website allows users to begin their know-your-customer verification process by selecting their jurisdiction of residence. It is open only to accredited investors in the United States, along with investors in other countries, although the project tweeted that it hopes to open the doors to all US users in the future.
“We plan to make this platform available to all Americans in the future, giving everyone access to tools and opportunities that have been restricted for too long,” the project said in a Monday tweet.
According to the SEC, accredited investors include those with a net worth of at least $1 million, either individually or with a partner (excluding the value of the primary residence). They must also have a salary of at least $200,000 alone or $300,000 with a spouse/partner in the last two years, plus the expectation of reaching that figure again in the current year.
Additionally, additional requirements are established for investment entities and professionals, but the main provisions leave out a significant portion of Americans. Apparently, interested parties outside the US can register without meeting the income requirements.
Even with the SEC’s limitations, former President Donald Trump (aka eligible was open.
So far details about the Trump-backed project—which was first hinted at in August by his son Eric Trump—have been vague, but we do know that it is a decentralized finance (DeFi) protocol that runs on Ethereum, the cryptocurrency network behind the second largest digital currency by market cap, ETH.
DeFi is a fast, experimental and often risky arena in the cryptocurrency space that seeks to replace traditional financial services like banks with faster, more efficient technologies. Trump’s project will provide cryptocurrency lending and borrowing services, World Liberty Financial previously said.
Donald Trump used to be anti-crypto, but has branded himself as the pro-crypto candidate ahead of the November election.
The former real estate mogul and Republican has attempted to captivate the Bitcoin space, stating that he wants all future digital currencies to be minted on US soil. He has also spoken out against the SEC and Chairman Gary Gensler for the regulator’s crackdown on the crypto sector.
Edited by Andrew Hayward
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