Trump’s World Liberty Financial has shared that it intends to launch a platform in the Forex market. The firm shared that the new project would operate within the USD1 stablecoin ecosystem as its demand grows.
World Liberty Financial Teases “World Swap” Forex Project
Co-founder Zak Folkman announced on stage at the Consensus Hong Kong conference that the crypto project would launch a FX platform, called “World Swap.” The forex teaser is the latest in a number of products that revolve around the project’s USD1 stablecoin as it positions itself as a full-stack financial ecosystem.
He also shared that further announcements are expected to come from an event in Mar-a-Lago later in the month. According to Folkman, World Liberty aims to remove much of the complexity that typically comes with crypto wallets and cross-border transactions. This will then enable users to send and receive digital dollars in a similar manner to other popular apps.
His plan to found a foreign exchange business was pitched as directly challenging conventional remittance operators that charged between 2% and 10% per transaction. The strategy is said to be backed by its stablecoin, USD1.
This especially comes as the Trump-linked USD1 stablecoin has gained a market capitalization of more than $5 billion in less than a year. At the time, the stablecoin is ranked among the top 25 cryptocurrencies. Co-founder of World Liberty Financial at the time highlighted the growth as pivotal to the firm’s expansion into other markets.
What Key Products Does WLFI Currently Offer?
The crypto project has seen new projects launch over the past year of its launch. Folkman particularly emphasized the launching of World Liberty Markets at the conference. This is a lending platform that has gained hundreds of millions of dollars in deposits in the weeks since the launch and partnerships in the DeFi space for the increased usage of the token.
Additionally, just last month, the firm partnered with Spacecoin to build a token swap system centered around the USD1. Spacecoin said it launched three satellites into orbit as part of its low-Earth-orbit satellite network plan. They explained that new technology would make use of WLFI’s financial system for its operation.
The firm also announced that they plan to launch products on RWA using USD1 as collateral. This will expose institutional investors to another venture. In addition, World Liberty Financial said it will launch a debit card by WLFI. This will be used by investors for their day-to-day activities.
Source: https://coingape.com/trump-linked-world-liberty-targets-9t-forex-market-with-world-swap-launch/
