Trump-backed World Liberty Financial to roll out foreign exchange remittance service: report
Trump-backed World Liberty Financial plans to launch World Swap, a low-cost foreign exchange and remittance platform.Summary
World Liberty Financial (WLFI), a digital asset venture associated with the Trump family, announced plans to launch a foreign exchange and remittance platform named World Swap. Co-founder Zak Folkman introduced the service at the Consensus conference in Hong Kong, positioning it as a lower-cost alternative to traditional intermediaries by connecting users directly to global debit cards and bank accounts.
WLFI focuses on stablecoin and decentralized finance infrastructure, having recently launched World Liberty Markets, a lending platform that has seen $320 million in lending activity. The expansion into remittances adds another revenue stream amid existing political scrutiny regarding the firm's ownership structure, including a reported stake acquisition by a UAE sheikh shortly before Donald Trump's inauguration, which has prompted a House probe.
(Source：The Block)