Trump family unveils new DeFi platform that aims to disrupt big banks
Former President Donald Trump announced the upcoming launch of the Trump Organizations new crypto platform dubbed The DeFiant Ones on Aug. 22.
Trump made the announcement via a post on Truth Social and hinted that the DeFi platform aims to provide Americans with an alternative to the traditional financial system. He stated:
For too long, the average American has been squeezed by the big banks and financial elites. Its time we take a stand together.
This marks the first time the Republican presidential nominee has used his personal platform to promote the not-yet-activated digital bank. Following Trumps post, his son, Donald Trump Jr., shared it with his 12 million followers on X, formerly known as Twitter.
The DeFiant 0nes
The post included a link to a Telegram channel named The DeFiant 0nes, which had approximately 30,000 followers as of press time. The channel is described as the official group for the Trump DeFi project, which aims to create what it calls the future of finance.
Eric Trump, one of Trumps sons, recently told reporters that the project involves digital real estate. In an interview with the New York Post earlier this month, he explained:
Its equitable. Its collateral anyone can get access to and do so instantly. I dont know if people realize what a shake-up that is for the world of banking and finance. I hope we can help change that.
The Trump brothers have promoted the platform by discussing the potential of DeFi and encouraging followers to stay tuned for further announcements.
The reference to digital real estate has led to speculation that the platform might involve tokenizing real-world assets or selling digitized versions of assets within the metaverse.
Trumps pro-crypto shift
The announcement comes as Trumps presidential campaign moves into its final stages. The former president is working to build momentum in the race against Vice President Kamala Harris.
Trumps engagement with crypto represents a notable shift from his earlier views. During his presidency, he had expressed skepticism about Bitcoin, labeling it a scam. However, in recent months, Trump has adopted a more supportive stance toward the crypto industry.
He recently headlined the Bitcoin 2024 conference in July and said he would ensure the US never sells its Bitcoin if elected and vowed to make America a crypto superpower. Trump reiterated his views in subsequent interviews, cementing his pro-crypto stance.
The GOP has followed suit and included Bitcoin mining and self-custody rights as a key point of its new platform. Additionally, Senator Cynthia Lummis has introduced legislation called the Bitcoin Act, which aims to make Bitcoin a strategic reserve asset.
Trumps evolving stance on crypto has drawn widespread from industry leaders, who believe his progressive policies will be a boon for both the crypto and tech industries. The former president reported that he had raised $25 million in donations from the crypto sector by the end of July.
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