World Liberty Financial to Enter Forex Market With World Swap Launch

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World Liberty Financial, a crypto firm associated with the family of US President Donald Trump, revealed on Thursday that it is preparing to introduce a foreign exchange and remittance platform promising simplified services and lower fees, according to a Reuters report on Thursday.

The new offering, branded World Swap, is set to go live in the near future, confirmed co-founder Zak Folkman during his appearance at the Consensus Web 3 conference in Hong Kong.

Folkman emphasized the immense scale of cross-border currency movements, estimating that over $7 trillion is transferred globally each year. He characterized the fees imposed by incumbent financial players as a heavy tax on these transactions.

According to the company, World Swap will enable users to connect directly to debit cards and bank accounts worldwide. The platform aims to settle forex remittances at a cost it describes as a fraction of prevailing market rates.