(Kitco News) – Presidential candidate Donald Trump continues to woo the crypto crowd, and now his efforts have become a family matter as Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform intended to address inequality in banking access.
Details on the platform are scant as it is still in the early stages of development, with Trump Jr. telling listeners during a Thursday Q&A session on the subscription-based platform Locals that he wasn’t launching a memecoin but working on a crypto platform to take on the banks.
“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin, he said. However, he added that it would be a “long time before we can do anything,” and didn’t provide a time frame.
While the finer details have yet to be revealed, one thing is clear: the purpose of the platform will be to challenge the established banking order.
“What we want to do is take on a lot of the banking world,” he said. “I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked.”
Trump Jr.’s comments follow several days of speculation after he first mentioned DeFi in a Wednesday post on X, with most assuming he was talking about a new memecoin launch or another NFT launch by Donald Trump Sr.
We’re about to shake up the crypto worldwith something HUGE.
Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
“I have truly fallen in love with crypto/DeFi,” added Eric Trump. “Stay tuned for a big announcement.”
Amid the surge in speculation around the announcement, which included the launch of several memecoins by unknown members of the crypto community, Eric sought to protect Trump’s followers, tweeting, “Friends: Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first.”
Trump Jr. also sought to protect the community and warned about fake tokens trying to capture some of the momentum behind his announcement.
I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for…
— Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024
During the Q&A, Trump Jr. addressed the rumors that the Trump family was involved with the Restore the Republic (RTR) memecoin, which had surged and crashed as the rumors circulated, telling the host they have nothing to do with that project.
Eric Trump also denied any involvement with the project in a Thursday post on X, which sent the price of the RTR token crashing over 70%.
