Trump family-backed World Liberty Financial has announced that it plans to enter the foreign exchange and remittance sector. The First Family’s crypto company aims to offer simplified services with lower fees with the creation of World Swap. However, with its entry into the cross-border remittance game, the Trump-backed crypto company will enter into competition with Ripple. Ripple’s XRP Ledger and the XRP token have built quite a reputation in the cross-border transaction arena. Let’s discuss if the First Family’s new venture can bring some solid competition to the game.
Can Trump-Backed World Liberty Financial Compete With Ripple And XRP?
World Liberty Financial co-founder Zak Folkman stated, “There’s over $7 trillion of money moving around the world from currency to currency, and all of this has been taxed very heavily by the incumbent players.”
The company wants to connect users directly to debit cards and bank accounts around the world. According to the firm, connecting users directly will lead to foreign exchange remittance settlement at costs that are “a fraction of” what is charged by competitors.
If the Trump-backed company can offer a substantially low fee, we could see some tough competition for Ripple. However, fees alone may not bring users. Ripple’s XRP Ledger is a well-oiled machine. Transactions speeds on XRPL are some of the fastest in the industry. Hence, World Liberty Financial will have to bring its best game if it wants to compete with Ripple and XRP.
Also Read: Trump-Backed USD1 Stablecoin Nears Top 20 Market Cap
The Trump family’s crypto ventures have seen incredible profits over the last year. However, President Trump has been called into question about his crypto dealings. Recently it was reported that a UAE firm with links to the royal family purchased 49% of World Liberty Financial days before a significant US-UAE deal. The move has led to substantial controversy.