Former President Donald Trump announced the launch of a new cryptocurrency venture, World Liberty Financialduring a live X broadcast on Monday.

Trump was joined by Steve Witkoff, a real estate mogul who helped lead World Liberty Financial, two of Trump's sons, Donald Trump Jr. and Eric Trump, as well as two entrepreneurs, Chase Herro and Zachary Folkman.

Trump explained: “Crypto is one of those things that we have to do. Whether we like it or not, I have to do it.” He did not discuss specifics about World Liberty Financial, but AP news reports that it is expected to be a borrowing and lending service used to trade cryptocurrencies. (Digital currencies can be traded without relying on the global banking system, and exchanges often charge fees.)

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A white paper, reviewed by The New York Timessaid World Liberty Financial would debut a new cryptocurrency called $WLFI that would be sold to the public. The paper lists Trump's title as “leading crypto advocate,” Barron Trump as “DeFi visionary,” and Eric Trump and Donald Trump Jr. as “web3 ambassadors”. A disclaimer said the platform was not owned or managed by Trump, his family or his organization, but family members could receive compensation.

In a video post on X, the former President declared: “This afternoon I am laying out my plan to ensure that the United States is the crypto capital of the planet,” Trump said in a statement. video posted on X. “They want to choke you. They want to choke you out of business. We're not going to let that happen.”

.@worldlibertyfi pic.twitter.com/mwhVIzPJyq

— Donald J. Trump (@realDonaldTrump) August 29, 2024

While serving as President, Trump was a critic of cryptocurrency. In 2019, he tweeted: “Unregulated crypto-assets can facilitate illegal behavior, including drug dealing and other illegal activities.” But as AP News reports, Trump began accepting crypto campaign donations in May, hoping to build a “crypto army” of supporters.