The former US President launches ‘World Liberty Financial’, a new crypto company to boost his Presidential campaign donations, competing with Kamala Harris’ $500 million fundraising lead
Athira Sethu
Kochi, 18 September 2024
Former American President Donald Trump has announced the launch of a new cryptocurrency company, ‘World Liberty Financial’.
This venture is aimed at boosting donations for his 2024 presidential campaign, as Trump has struggled to keep pace with Democratic rival, Kamala Harris. The new crypto initiative is designed to tap into the growing interest in digital currencies, targeting wealthy investors in the crypto space.
One key aspect of the new company is the creation of a crypto token that will be sold to the public. Part of the funds raised from this token will support Trump’s campaign, while the project team will keep some tokens as compensation. This is a significant shift for Trump, who had previously criticised cryptocurrencies like Bitcoin as a threat to the US dollar.
Kamala Harris, who replaced President Joe Biden as the Democratic candidate, has already raised over $500 million from business figures, celebrities, and other donors. This substantial fundraising success has put pressure on Trump’s campaign, prompting the launch of World Liberty Financial to seek new financial channels.
Trump’s stance on cryptocurrencies has changed notably. Once a critic, he now embraces digital currencies and has promised to ease regulations around crypto. He has criticised the Biden administration’s policies, calling them an “unlawful and un-American crackdown” on the industry. Trump also plans to lower Bitcoin mining fees and provide cheaper energy for mining operations using fossil fuels and nuclear power.
Several prominent figures from Silicon Valley and the crypto world have shown support for Trump’s campaign, following his new crypto-friendly stance. Billionaires like Ben Horowitz and Marc Andreessen, along with the Winklevoss twins, have backed Trump. The Winklevoss twins have even pledged $1 million in donations to support his campaign.
This is not Trump’s first foray into digital assets. He previously raised over $7 million through a non-fungible token (NFT) project that sold digital collectibles, including Trump-themed trading cards. His son, Donald Trump Jr., has warned supporters about fake tokens claiming to be associated with Trump’s new project.
With the launch of World Liberty Financial, Trump aims to capitalise on the growing interest in digital currencies to support his 2024 presidential bid, hoping to move away from traditional banking systems.
