Donald Trump Jr Wants To “Take On” Banks With DeFi Platform

“This notion of decentralized finance is very appealing to guys like me,” he said.

Donald Trump Jr plans to launch a decentralized finance (DeFi) platform to combat inequality present in the banking industry, he said during a Q&A session on Aug. 8.

“We want to take on 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 notion of DeFi, which offers open, permissionless, and transparent financial services, is very appealing to, “guys like me, who have been debanked,” while others aren’t able to get mortgages or insurance.

Trump Jr, the eldest son of presidential candidate Donald Trump, denied claims he was launching a memecoin, but instead is building a “larger type of” platform.

A Shake-up

In the past couple of days, both Donald Jr and his brother Eric have been teasing a new announcement for the cryptocurrency space.

On Aug. 7, Donald Jr posted on X, “We’re 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 Aug 6, “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement.”

However, Trump’s eldest son hasn’t shared any details of what type of platform he will be building, whether it will come with a token, or even a rough roadmap.

Fake Tokens

Since presidential candidate Donald Trump’s has embraced crypto, a plethora of tokens relating to his figure have surfaced.

His son, Donald Jr, also voiced warnings yesterday for crypto users that might be enticed to buy tokens associated with his fathers image.

“I love how much the crypto community is embracing Trump,” he wrote on X on Aug. 8. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project,” he added. “The only official project will be announced directly by us, and it will be fair for everyone. Don’t be fooled—stay tuned for the real deal.”

Former president Trump has been aggressively pandering to the cryptocurrency crowd. He spoke at the recent Bitcoin2024 conference, sold out his new Bitcoin branded sneakers, and has raised $25 million from digital asset donors.