“This notion of decentralized finance is very attractive to people like me,” he said.
Donald Trump Jr. plans to launch a decentralized finance (DeFi) platform to address inequality in the banking industry, he said during a question-and-answer session on August 8.
“We want to tackle a lot of the banking world, and there’s been a lot of inequality,” he said, according to a video shared by DB News, which cited the Locals platform. “Only certain people can get financing.”
According to Trump Jr., the idea of DeFi, which offers open, permissionless and transparent financial services, is very attractive to “people like me, who have been unbanked,” while others are unable to get mortgages or insurance.
Trump Jr., the eldest son of presidential candidate Donald Trump, has denied allegations that he is launching a memecoin, but is instead building a “broader type of platform.”
An upheaval
In the past few days, Donald Jr. and his brother Eric have both announced a new announcement for the cryptocurrency industry.
On August 7, Donald Jr. posted on X: “We are about to shake up the crypto world with something HUGE. Decentralized Finance is the future, don’t get left behind. #Crypto #DeFi #BeDeFiant.”
Meanwhile, his brother Eric posted a day earlier, on August 6: “Really fell in love with cryptocurrency/DeFi. Stay tuned for a big announcement.”
However, Trump’s eldest son has not shared any details about what kind of platform he will build, whether it will come with a token, or even a rough roadmap.
Fake tokens
Since presidential candidate Donald Trump embraced crypto, a plethora of tokens tied to his personality have surfaced.
His son, Donald Jr, also issued warnings yesterday to cryptocurrency users who might be tempted to buy tokens associated with his father’s image.
“I love how the crypto community is embracing Trump,” he wrote on X on August 8. “It’s absolutely amazing, but beware of fake tokens pretending to be part of the Trump project,” he added. “The only official project will be announced directly by us, and it will be fair to everyone. Don’t be fooled, stay tuned for the real deal.”
Former President Trump has been very aggressive toward cryptocurrencies. He spoke at the recent Bitcoin2024 conference, sold out of his brand new Bitcoin sneakers, and raised $25 million from digital asset backers.
