World Liberty Financial said Thursday it will soon roll out “World Swap,” a platform designed to simplify cross-border foreign exchange and remittance services, according to reporting by Selena Li for Reuters. Co-founder Zak Folkman announced the launch at the Web3 event Consensus in Hong Kong, stating that existing currency transfers are heavily taxed by incumbent players and that the new service aims to reduce those costs.
The company disclosed that it intends to connect users directly to debit cards and bank accounts globally and settle remittances at what it described as a fraction of competitors’ fees, Li reported. World Liberty Markets, its lending platform tied to the USD1 stablecoin, has recorded $320 million in lending and more than $200 million borrowed, Folkman said. The publication previously reported that the venture boosted income for the Trump Organization, while ethics experts have raised conflict concerns that the White House denies.
FAQ ⏱️
- What is World Swap?
World Swap is a planned foreign exchange and remittance platform from World Liberty Financial. - Who reported the launch?
The development was reported by Selena Li for Reuters. - How much activity has World Liberty Markets recorded?
The lending platform has logged $320 million in lending and over $200 million borrowed. - Have conflict-of-interest concerns been raised?
Government ethics experts cited potential concerns, which the White House has denied.
