Donald Trump

DeFi

Donald Trump Jr.

Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform to address inequality in banking access. However, the platform is still in the early stages and will take some time to become a reality.
During a Q&amp;A session on subscription-based platform Locals on Aug. 8,&nbsp;Donald Trump Jr, the eldest son of presidential candidate and former President Donald Trump, said <a href="https://cointelegraph.com/news/solana-trumpcoin-crashes-95-crypto-market-downturn">he wasn’t launching</a><a href="https://cointelegraph.com/news/solana-trumpcoin-crashes-95-crypto-market-downturn"></a> a <a href="https://cointelegraph.com/news/donald-trump-memecoin-price-soars-following-assassination-attempt">memecoin</a> but working on a crypto platform to take on the banks. 
“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin, he said. However, he added that it would be a “long time before we can do anything,” not giving anything away on a time frame. 
Trump Jr. didn’t provide much more detail on the platform but emphasized that it would target the banking system:
<blockquote data-ct-non-breakable="true">
 “What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/9e8f32b5-7656-432a-8387-4eb7fcbef263.jpg" alt="Donald Trump Jr. is launching a crypto platform to ‘take on’ the banks" title="">
 <figcaption style="text-align: center;">
 Trump Jr. discussing the new crypto platform. Source: <a href="https://x.com/MrStevenSteele/status/1821702706337390949" target="_blank" rel="noopener nofollow">Steven Steele</a>
 </figcaption>
</figure>
Rumors around a new crypto offering began circling after Trump mentioned <a href="https://cointelegraph.com/news/defi-is-waking-up-again-active-loans-return-to-2022-levels">DeFi</a> in an Aug. 7 X <a href="https://x.com/DonaldJTrumpJr/status/1821164331020517596" target="_blank" rel="noopener nofollow">post</a>, with many believing it may be related to a new memecoin launch.&nbsp;
“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind,” he said.
His brother, Eric Trump, <a href="https://x.com/EricTrump/status/1820906993802211751" target="_blank" rel="noopener nofollow">said</a> something similar on X on the same day: “I have truly fallen in love with crypto/DeFi. Stay tuned for a big announcement.” 
At the Q&amp;A, he also addressed rumors regarding the Restore the Republic (RTR) memecoin, which had surged and crashed amid false rumors of association with the Trump family.&nbsp;
Eric Trump also recently <a href="https://x.com/EricTrump/status/1821606887806406671" target="_blank" rel="noopener nofollow">denied</a> any connection with the memecoin, calling the rumors “absolutely false” in an Aug. X post, which sent the RTR token crashing over 70%.
Related: <a href="https://cointelegraph.com/news/maga-trump-token-falls-31-percent-rumors-trump-launched-memecoin">Trump token dumps 31% despite doubts he’s behind the DJT token</a>
Trump Jr. made a similar warning in an X post on Aug. 8, <a href="https://x.com/DonaldJTrumpJr/status/1821607452691075098" target="_blank" rel="noopener nofollow">saying</a>: “I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project.”
<blockquote data-ct-non-breakable="true">
 “The only official project will be announced directly by us, and it will be fair for everyone.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/658b3d89-c821-475b-bc5c-ebbc4334efdd.jpg" alt="Donald Trump Jr. is launching a crypto platform to ‘take on’ the banks" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/DonaldJTrumpJr/status/1821607452691075098" target="_blank" rel="noopener nofollow">Donald Trump Jr.</a>
 </figcaption>
</figure>
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

Donald Trump Jr. is launching a crypto platform to ‘take on’ the banks

Cointelegraph

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