Quick take:
- The company plans to disrupt the $7 trillion foreign exchange and remittance market by leveraging blockchain technology to offer faster, cheaper cross-border transfers.
- World Liberty Financial co-founder Zak Folkman, at the Consensus Hong Kong Web3 event, highlighted the inefficiencies of the current financial system, noting the “heavy taxation” on international money transfers.
- Users will be able to connect World Swap directly to their bank accounts and debit cards to enable seamless transition between fiat and digital assets.
World Libert Financial, the cryptocurrency venture backed by the family of U.S. President Donald Trump, has announced the upcoming launch of World Swap, a foreign exchange (Forex) and remittance platform that seeks to disrupt the $7 trillion market.
According to the announcement on Thursday, World Swap plans to leverage blockchain technology to offer faster, cheaper cross-border transfers.
The new platform was announced by World Liberty Financial co-founder Zak Folkman at the Consensus Hong Kong Web3 event, where he highlighted the inefficiencies of the current financial system, noting the “heavy taxation” on international money transfers.
Users will be able to connect World Swap directly to their bank accounts and debit cards to enable seamless transition between fiat and digital assets.
World Swap said it intends to settle remittances at a “fraction of the cost” charged by traditional providers. The new platform will be powered by USD1, World Liberty’s stablecoin, which has already achieved a multi-billion dollar market cap.
This announcement follows World Liberty Financial’s launch of World Liberty Markets, the protocol’s lending and borrowing platform, which has recorded over $320 million in activity within just four weeks of its launch.
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