Former President Donald Trump announced the upcoming launch of the Trump Organization’s new crypto platform, dubbed “The DeFiant Ones,” on August 22.
Trump made the announcement via a post on Truth Social and suggested that the DeFi platform aims to provide Americans with an alternative to the traditional financial system. He said:
“For too long, the average American has been sidelined by big banks and financial elites. It’s time we take a stand, together.”
It’s the first time the Republican presidential candidate has used his personal platform to promote the “digital bank,” which has yet to be activated. After 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 message included a link to a Telegram channel called “The DeFiant 0nes,” which had about 30,000 subscribers at 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 was about “digital real estate.” In an interview with the New York Post earlier this month, he explained:
“It’s fair. It’s a guarantee that everyone can have instant access to. I don’t know if people realize what a disruption this is for the banking and financial world. I hope we can help change that.”
The Trump brothers 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 sparked speculation that the platform could involve the tokenization of real-world assets or the sale of digitized versions of assets within the metaverse.
Trump’s Pro-Crypto Shift
The announcement comes as Trump’s presidential campaign enters its final stages, with the former president trying to build momentum against Vice President Kamala Harris.
Trump’s commitment to cryptocurrencies represents a notable shift from his previous views. During his presidency, he had expressed skepticism toward Bitcoin, calling it a scam. However, in recent months, Trump has taken a more favorable stance toward the cryptocurrency 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, solidifying his pro-crypto stance.
The Republican Party followed suit and included Bitcoin mining and self-custody rights as a key point in its new platform. Additionally, Senator Cynthia Lummis introduced a bill called the Bitcoin Act, which aims to make Bitcoin a strategic reserve asset.
Trump’s evolving stance on cryptocurrencies has piqued the interest of many industry leaders, who believe his progressive policies will be a boon to the cryptocurrency and tech industries. The former president said he had raised $25 million in donations from the cryptocurrency industry as of the end of July.
