Former President Donald Trump, now a presidential candidate, has made Bitcoin a central plank of his campaign, promising to make the United States a global leader in crypto.
Building on his father’s recent shift to crypto, Donald Trump Jr. is developing a new decentralized finance (DeFi) platform to address inequality in access to banking services.
Trump Jr. targets the unbanked
On August 8, during a Q&A on Locals, Trump Jr., the eldest son of presidential candidate and former President Donald Trump, revealed that he was working on a crypto platform to challenge banks rather than launching a meme currency. He didn’t elaborate, but stressed that the platform would target the banking industry.
“What we want to do is take on a lot of the banking world. I think there’s been a lot of inequality in the sense that only certain people can get financing. So this notion of decentralized finance is obviously very appealing to people like me who have been debanked or haven’t been able to get insurance or whatever.”
Eric Trump also echoed his brother’s sentiments about the crypto industry, posting on X that he had “fallen in love with crypto/DeFi” and hinting at a major announcement to come.
Meanwhile, the latest development comes amid Republican candidate Donald Trump’s efforts to repair relations with the crypto industry, as part of which he led the largest Bitcoin conference of the year in Nashville on July 27.
Trump even announced that if he wins the next election, he plans to make the United States the world capital of cryptocurrencies and the global superpower of Bitcoin. In recent weeks, Trump has met with the largest Bitcoin mining companies.
Trump-themed token deposit
During the same Q&A, Eric Trump also addressed recent speculation surrounding the Restore the Republic (RTR) meme currency, which had seen a surge followed by a sharp decline due to false rumors linking it to the Trump family.
He also took to X to strongly deny any association with the meme coin, calling the rumors “absolutely false,” a statement that led to the RTR token’s value dropping by over 80% from its peak.
According to data shared by on-chain researcher Lookonchain, early investors or insiders profited $4 million in six hours following the rise and fall of the token’s price. Five crypto wallets bought 105 million RTR tokens using $882,000 worth of SOL and later sold 95 million tokens for $5 million worth of SOL.
Binance Free $600 (CryptoPotato Exclusive): Use this link to create a new account and receive an exclusive $600 welcome offer on Binance (full details).
LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, Use this link to register and open a position of 100 USDT-M for free!
