On August 8, Donald Trump Jr. announced a new DeFi platform to address banking access inequality. During a Q&A on the subscription-based platform Locals, he clarified that it is not a memecoin but a full crypto platform designed to complete with tradational banks.
Trump Jr. said, this is not about creating a memecoin, and he highlighted that his project is much bigger and more significant. He also warned that it will take time to develop and did not provide a specific timeline.
Aim to Launch DeFI Crypto Platform
Despite limited details, Trump Jr. stressed that the platform aims to challenge traditional banks. He showed frustration with how the current financial system is exclusive and restricts financing to a few. He said, Decentralized finance is appealing to me, expecially for those of us who have been debanked.
During the same Q&A session, Trump Jr. addressed rumors about the Restore the Republic (RTR) memecoin, which recently saw a sharp rise and then a steep crash in value. Both he and Eric Trump denied any involvement with RTR, with Eric calling the rumors “absolutely false”, leading to a 70% drop in the token’s value.
Speculation about Trump Jr.’s new crypto project increased after he said about DeFi, leading some to thing it might involve a new memecoin. On August 7, he wrote, we are about to moving up the crypto world with something HUGE. Decentralized finance is the future – don’t get left behind.”
