World Liberty Financial, a Trump-linked crypto firm, launched its World Swap remittance platform at the Consensus Hong Kong conference. The company claims the platform lowers FX and transfer fees by linking global bank accounts and cards. Its rapid expansion, including a partnership with Spacecoin, occurs amid political scrutiny over a reported $500 million UAE investment stake.
World Liberty Financial announced its new foreign exchange and remittance platform, World Swap, during the Consensus conference in Hong Kong. The company asserts it will cut costs for individuals making international money transfers.
Co-founder Zak Folkman claimed that intermediaries charge high fees on these flows. He stated that World Swap offers a cheaper alternative for settling foreign exchange.
The firm also operates World Liberty Markets, a lending platform. Folkman said it facilitated $320 million in lending and over $200 million in borrowing within its first four weeks.
The company’s growth has drawn increased political attention due to its association with the Trump family. This comes as the former president’s administration oversees U.S. cryptocurrency policies.
A report claimed a sheikh from the United Arab Emirates purchased a 49% stake in the company just before Trump’s inauguration. Trump later claimed he was unaware of a $500 million UAE investment deal involving the firm.
The House of Representatives has launched a probe into the deal, which is ongoing. The White House has denied any conflicts of interest regarding the company.
World Liberty Financial recently expanded via a partnership with Spacecoin, launching a token swap system using its USD1 stablecoin. The company plans to offer real-world asset (RWA) financial products using USD1.
It also plans to launch a WLFI debit card for daily purchases. The company claims these products can increase market participation.
