TLDR
- Donald Trump Jr. announced plans to launch a decentralized finance (DeFi) cryptocurrency platform.
- The platform aims to address inequality in banking access and “take on” traditional banks.
- Trump Jr. emphasized this is not a memecoin, but a larger platform that will take time to develop.
- He warned about fake tokens claiming association with the Trump project.
- Rumors had previously circulated about a potential Trump-related memecoin.
Donald Trump Jr., the eldest son of former President Donald Trump, has revealed plans to create a new cryptocurrency platform focused on decentralized finance (DeFi).
The announcement came during a Q&A session on August 8 on the subscription-based platform Locals.
Trump Jr. explained that the project aims to address issues of inequality in banking access.
“What we want to do is take on a lot of the banking world,” he stated. “I think there has been a lot of inequality in that only certain people can get financing.”
The platform is still in its early stages, with Trump Jr. noting that it would be “a long time before we can do anything.” He did not provide a specific timeline for the project’s launch or development.
Trump Jr. emphasized that this venture is not a memecoin, a type of cryptocurrency often associated with internet memes or jokes. Instead, he described it as a “larger type of platform” designed to challenge traditional banking systems.
The announcement follows cryptic social media posts by both Donald Trump Jr. and his brother Eric Trump on August 7. Donald Jr. tweeted,
“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind.” Eric Trump similarly posted, “I have truly fallen in love with crypto/DeFi. Stay tuned for a big announcement.”
These posts led to speculation about a potential Trump-related cryptocurrency project. Some rumors suggested a connection to the Restore the Republic (RTR) memecoin, which experienced a significant surge and subsequent crash in value. However, both Trump brothers have denied any association with RTR.
Eric Trump called the RTR rumors “absolutely false” in a social media post, which contributed to a 70% drop in the token’s value. Donald Trump Jr. also addressed these rumors during the Q&A session, reiterating that their project is unrelated to RTR or any other existing memecoin.
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. The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for…
— Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024
Trump Jr. warned crypto enthusiasts about potential scams, stating, “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.” He emphasized that any official project would be announced directly by them and would be “fair for everyone.”
The proposed platform appears to be motivated in part by personal experiences with the traditional banking system.
Trump Jr. mentioned the appeal of decentralized finance for those who have been “debanked” or excluded from traditional financial services.
