- Trump family co-founded World Liberty Financial launches new crypto products.
- Launch includes a debit card and retail app.
- Project partnered with Bithumb, South Korea’s second-largest exchange.
World Liberty Financial, co-founded by Eric Trump, is launching a debit card and app integrated with Apple’s services, aiming for a ‘Venmo meets Robinhood’ experience.
This launch signifies a strategic expansion into mainstream crypto services, potentially increasing user adoption and market presence with implications for the Trump-backed company’s valuation and ecosystem engagement.
A crypto company co-founded by the Trump family, World Liberty Financial, is launching a debit card and app. This expansion marks a strategic move into mainstream crypto payments. Co-founder Zak Folkman confirmed launches at Seoul industry conferences.
Eric Trump and his family are significantly involved, holding a 38% stake in the company. The company is also in strong partnership with Bithumb, aiming for a broader market presence. Significant involvement underscores the Trump family’s financial commitment.
The announcement has sparked various reactions in both financial and crypto markets. WLFI tokens saw fluctuations, with market cap reaching approximately $5.5 billion post-debut. The initiative aims to mainstream crypto payments through integration with Apple Pay.
The Trump family’s involvement raises political and ethical questions, given their financial and political connections. The project focuses on enhancing cross-chain distribution, avoiding launching proprietary blockchain solutions, catering to diverse platforms.
WLFI’s collaboration with Bithumb reflects an aim for deeper market integration in Asia. Bithumb partnership could enhance WLFI’s presence, attracting local user bases. They emphasize an agnostic technology strategy, which may appeal to a wide crypto audience.
Historical trends suggest crypto debit card launches like those by Crypto.com can initially boost adoption. However, long-term price stability requires mass adoption. WLFI uses governance tactics, like a buyback-and-burn strategy, aiming at price support.
“We believe that our job is not to roll out chains or exchanges,” said Zak Folkman, Co-founder, World Liberty Financial, stressing the company’s focus on an agnostic approach to technology distribution.
