Trump-backed World Liberty Financial to launch forex platform

Investing.com -- World Liberty Financial, a crypto venture backed by the Trump family, announced plans on Thursday to launch a new foreign exchange and remittance platform called World Swap.

The platform aims to offer simplified services with lower fees compared to traditional providers, according to Zak Folkman, co-founder of World Liberty, who made the announcement at 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," Folkman said.

The company intends to connect users directly to debit cards and bank accounts globally, settling foreign exchange remittances at what it describes as "a fraction of" the fees charged by competitors.

Folkman also shared that World Liberty Markets, the company's lending platform that launched four weeks ago as part of an initiative to increase usage of its USD1 stablecoin, has already recorded $320 million in lending and more than $200 million borrowed.

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