In a thoroughly predictable development, Trump's new crypto project appears to be heavily weighted towards the already wealthy.
that they claim will bring newfound economic power to “the people.” However, a new report claims that instead of doing that, it may—muchTrump’s project, dubbed World Liberty Financial, is a new crypto lending platform built on the Ethereum blockchain that backers claim will make finance more accessible to everyday people.and found that 70 percent of the project’s “governance” crypto tokens—known as WLT—would be “held by the founders, team, and service providers.
Coindesk also notes that World Liberty Financial hasn’t finalized its plans yet, so it’s possible they could back away from the 70-30 split. Gizmodo reached out to the organization for more information and will update this story if it responds.earlier this year, only to unveil it as a vague DeFi project about a week ago. “For too long, the average American has been squeezed by the big banks and financial elites,” Trump recently posted about the project. “It’s time we take a stand—together.
This project is very on-brand for Trump, who has always pretended to care about the financial interests of average Americans, despite the fact that he is a billionaire who spent most of his four years in office. Trump’s brand of fake populism melds well with crypto, which has also frequently marketed itself as a democratizing financial medium, despite the fact that it is an industry. Given all this, it makes sense that these two forces would come together in this most un-holiest of unions.
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