The Trump family is expanding its business empire, this time with a digital currency twist.
In the latest news for cryptocurrency, Donald Trump Jr. has announced plans for a new DeFi cryptocurrency platform aimed at addressing inequality in banking access.
During an August 8 Q&A session on Locals, a subscription-based platform, Trump Jr., the eldest son of presidential candidate and former President Donald Trump, clarified that he’s not launching a memecoin but is instead developing a crypto platform designed to challenge traditional banks.
He described the initiative as a “larger type of platform,” distinctly different from a memecoin. However, he indicated that it would be a while before any significant developments are seen, offering no specific timeline.
While Trump Jr. didn’t disclose many details about the platform, he emphasized its goal of addressing banking inequality. Expressing frustration with the current banking system, he argued that access to financing is restricted to a privileged few, motivating his exploration of DeFi.
Speculation about a new crypto venture ignited after Trump Jr.’s August 7th post on X mentioning DeFi, sparking rumors of an impending memecoin launch. His brother, Eric Trump, also expressed excitement about crypto and DeFi on the same day, hinting at a significant announcement on the horizon.
During the Q&A, Trump Jr. also addressed rumors surrounding the Restore the Republic (RTR) memecoin, which had experienced a surge and subsequent crash due to false claims of Trump family involvement. Eric Trump recently debunked these rumors, causing the RTR token to plummet by over 70%.
Moreover, Trump Jr. issued a similar caution in an August 8 post, warning the crypto community to be wary of fake tokens falsely claiming association with the Trump family. He assured that any official project would be announced directly by them.
