Donald Trump Jr. Reveals ‘HUGE’ Plans to Launch DeFi Platform

Junior Content Creator

Harvey Hunter

Junior Content Creator

Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated:

August 8, 2024 21:39 EDT

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Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform to address inequality in banking access.

During a Q&A session on subscription-based platform Locals on August 8th, Donald Trump Jr, the eldest son of presidential candidate Donald Trump revealed his teased crypto plans.

Rumors around a new crypto offering began circling after Trump mentioned a ‘HUGE’ DeFi-related announcement in an August 7 X post. The prospect sparked speculation, with many believing it may be related to a new meme coin launch.

Meanwhile, an X post from his brother, Eric Trump, fuelled the fire by alluding to a “big announcement.”

Trump Jr. is Not Releasing a Meme Coin

During the Q&A, he announced that he was working on a DeFi platform to “take on” banks, dispelling rumors that he was launching a meme coin.

“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,” not giving anything away on a time frame.

Trump Jr. didn’t provide much more detail on the platform but emphasized its purpose – to tackle the inequality in the current banking system:

At the Q&A, he also addressed rumors regarding the Restore the Republic (RTR) meme coin, which had surged and crashed amid false rumors of association with the Trump family.

Eric Trump also recently denied any connection with the memecoin, calling the rumors “absolutely false” in a separate X post, which sent the RTR token crashing over 70%.

Trump Family Goes Pro Crypto

This newfound interest in cryptocurrency coincides with Donald Trump’s recent shift towards crypto. Despite previously criticizing Bitcoin as a “scam,” he has recently changed his tune.

On June 14, he declared that he would end the Biden administration’s “war on crypto” if elected president.

Trump had also previously criticized Biden for his harsh stance on cryptocurrencies, emphasizing that the United States should strive to be a leader in the crypto industry.

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

However, rival candidate Vice President Kamala Harris and Trump are now deadlocked at 49% odds on Polymarket as bettors try to forecast the next U.S. president.