Trump’s cryptocurrency platform sees turbulent start on Tuesday
Date
10/17/2024 12:30:05 AM
(MENAFN) Former U.S. President Donald Trump's cryptocurrency platform had a bumpy launch on Tuesday, as only a small number of investors purchased units of his new digital currency that were offered for sale.
Trump, who is running as the Republican candidate for the U.S. presidency, announced in mid-September that he, his sons, and several businessmen would be launching the World Liberty financial platform, according to Agence France-Presse. The company made 20 billion units of the digital currency available, priced at 1.5 cents each, aiming to raise a total of USD300 million. However, by Tuesday evening, only 3 percent of the units had been sold.
The units can function as cryptocurrencies and also give buyers voting rights on decisions related to the platform's management. Despite this dual function, sales remained low, with many observers pointing to technical issues as the primary cause. Earlier in the day, the company's website experienced malfunctions, which may have deterred potential investors.
The World Liberty Financial platform aims to offer services where users can lend or borrow cryptocurrencies from one another, similar to what is provided by other well-known platforms, like Aave. Although Trump had previously criticized cryptocurrencies, calling them a "fraud" during his presidency, he has since shifted his stance and now positions himself as a "Bitcoin president" should he win the November election.
MENAFN17102024000045015839ID1108789178
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.