World Liberty Financial, a cryptocurrency venture backed by the family of U.S. President Donald Trump, said on Thursday it plans to launch a new foreign exchange and remittance platform aimed at simplifying global money transfers and reducing associated fees.
Summary
- Trump-linked World Liberty Financial plans to launch a foreign exchange and remittance platform aimed at lowering the cost of cross-border money transfers.
- The platform, called World Swap, will connect users directly to bank accounts and debit cards and is built around the firm’s USD1 stablecoin.
- The expansion has drawn scrutiny from ethics experts due to the Trump family’s financial ties to the venture and its overlap with U.S. crypto policy.
World Liberty Financial plans World Swap FX platform
Speaking at the Consensus Web3 event in Hong Kong, co-founder Zak Folkman said the platform, named World Swap, will connect users directly to debit cards and bank accounts around the world, allowing foreign exchange and remittance transactions at costs significantly lower than those charged by traditional financial institutions.
“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,” Folkman told the audience.
World Liberty Financial is building the service as part of its broader push into decentralized finance using its USD1 stablecoin, which the firm launched last year.
Folkman noted that the company’s lending platform, World Liberty Markets, has already facilitated $320 million in loans and more than $200 million in borrowings since its debut four weeks ago.
The planned platform represents a further expansion of World Liberty’s ambitions to carve out a role in the global payments and remittance ecosystem, a space dominated by legacy banks and money transfer services that often charge high fees and long settlement times.
World Liberty’s activities have generated substantial revenue for the Trump family business, known as the Trump Organization, particularly from foreign entities, according to earlier Reuters reporting. That growth has prompted scrutiny from government ethics experts, who say the timing, with Trump overseeing U.S. crypto policy, could pose potential conflicts of interest. The White House has denied that such conflicts exist.
The company did not say when World Swap will officially launch or provide detailed pricing, but the announcement signals its intent to challenge established players in the global remittance market.
