Trump family unveils new DeFi platform that aims to disrupt ‘big banks’ Trump family unveils new DeFi platform that aims to disrupt ‘big banks’
The Trump DeFi platform's Telegram group has already amassed 30,000 followers, indicating strong public interest
2 min read
Updated: Aug. 22, 2024 at 8:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Former President Donald Trump announced the upcoming launch of the Trump Organization’s 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. It’s 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 Trump’s 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 Trump’s sons, recently told reporters that the project involves “digital real estate.” In an interview with the New York Post earlier this month, he explained:
“It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t 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.
Trump’s pro-crypto shift
The announcement comes as Trump’s presidential campaign moves into its final stages. The former president is working to build momentum in the race against Vice President Kamala Harris.
Trump’s 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.
Trump’s 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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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Kamala Devi Harris (born October 20, 1964) is an American politician and attorney serving as the 49th Vice President of the United States.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.