Zak Folkman, co-founder of a Trump family-related cryptocurrency project, said at the Consensus Conference in Hong Kong that the project will soon launch a foreign exchange platform called World Swap.
The FX trailer adds to the growing list of products surrounding the project’s $1 stablecoin, with more announcements expected at the Mar-a-Lago event later this month.
Speaking on stage, Folkman said the company aims to remove much of the complexity associated with crypto wallets and cross-border transfers, allowing users to send and receive digital dollars in a manner similar to popular payment apps.
He sees the planned foreign exchange service as a direct challenge to traditional remittance providers, which typically charge fees of 2% to 10% per transaction.
The company’s broader strategy centers on USD1, a stablecoin pegged to the U.S. dollar that Folkman said is backed by cash and cash equivalents.
Folkman also highlighted the launch of World Liberty Markets, a lending platform that attracted hundreds of millions of dollars in deposits within weeks of going live, and that works with decentralized finance protocols to increase the token’s utility.
In late January, Crypto Twitter users discovered that AMG Software Solutions LLC, a Puerto Rico-based company that owns the WLFI intellectual property, had registered a trademark related to World Swap.