World Liberty Financial (WLFI), a decentralised finance project linked to the family of U.S. President Donald Trump, will launch a foreign-exchange remittance and payments platform called World Swap, The Block reported on Feb. 12 local time.
World Liberty Financial appears to be positioning World Swap as a low-cost remittance solution that would replace the high fees of traditional financial systems.
Zak Folkman (잭 포크먼), a WLFI co-founder, said, "In the $7 trillion annual FX market, existing financial institutions charge excessive fees," adding, "World Swap will be an alternative to solve this."
WLFI recently launched World Liberty Market, a lending platform using the USD1 stablecoin. WLFI plans to secure a new revenue source by entering the FX remittance market.
Chi-gyu Hwang
delight@d-today.co.kr