By Selena Li
HONG KONG, Feb 12 (Reuters) – World Liberty Financial, a crypto venture backed by the family of U.S. President Donald Trump, said on Thursday it plans to roll out a new foreign exchange and remittance platform, offering simplified services with lower fees.
The firm will launch the platform, World Swap, soon, Zak Folkman, co-founder of World Liberty told the audience of the Web 3 event Consensus in Hong Kong.
“There’s over $7 trillion of money moving around the world from currency to currency, and all of this has been taxed very heavily by the incumbent players,” he said.
The crypto firm said it wants to connect users directly to debit cards and bank accounts around the world and settle foreign exchange remittances at what it says will be “a fraction of” the fees charged by competitors.
World Liberty Markets – World Liberty’s lending platform, which launched four weeks ago as part of a push for greater usage of its USD1 stablecoin – has recorded $320 million in lending and more than $200 million borrowed, Folkman said.
World Liberty fuelled a sharp increase in income for the Trump family business, known as the Trump Organization, including from foreign entities, in the first half of last year, Reuters reported in October.
The growth of the Trump family’s crypto initiatives as Trump oversees U.S. crypto policy constitutes a conflict of interest, government ethics experts have said. The White House has denied that any such conflicts exist.
(Reporting by Selena Li; Editing by Joe Bavier)
