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Zak Folkman of WLFI, associated with Trump, hints at a foreign exchange platform during Consensus Hong Kong.
Folkman indicates that additional information will be disclosed shortly at an event at Mar-a-Lago
Zak Folkman speaks at Consensus Hong Kong (CoinDesk)
Key points:
- World Liberty Financial, a crypto initiative associated with the Trump family, intends to introduce a foreign exchange platform named World Swap within its USD1 stablecoin framework.
- Co-founder Zak Folkman indicated that World Swap is designed to facilitate cross-border transactions and compete with conventional remittance services that impose fees of 2% to 10% for each transaction.
- The organization is developing an extensive financial infrastructure surrounding its cash-backed USD1 stablecoin, which includes the newly launched World Liberty Markets lending platform that has secured hundreds of millions in deposits.
, the crypto initiative associated with the Trump family, is set to unveil a foreign exchange platform called World Swap, as announced by co-founder Zak Folkman during his presentation at Consensus Hong Kong.
The forex preview contributes to an expanding array of offerings linked to the project’s USD1 stablecoin as it aims to establish itself as a comprehensive financial ecosystem, with additional announcements anticipated at a Mar-a-Lago event later this month.
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During his presentation, Folkman stated that the company’s objective is to eliminate the complexities typically associated with crypto wallets and international transfers, enabling users to send and receive digital dollars similarly to popular payment applications.
He positioned the upcoming foreign exchange service as a direct competition to traditional remittance firms that frequently charge transaction fees between 2% and 10%.
The company’s overarching strategy focuses on USD1, a stablecoin pegged to the dollar that Folkman mentioned is supported by cash and cash equivalents.
Folkman also pointed out the launch of World Liberty Markets, a lending platform that has garnered hundreds of millions of dollars in deposits shortly after its launch, along with collaborations with decentralized finance protocols to enhance the token’s utility.
In late January, users on Crypto Twitter observed that AMG Software Solutions LLC, a company based in Puerto Rico that owns the intellectual property of WLFI, had registered trademarks connected to World Swap.
