Donald Trump announced Thursday the upcoming launch of a cryptocurrency platform, presenting it as an alternative to the offerings of major banks and financial institutions.
“Americans have been squeezed dry by big banks and financial elites for too long,” the Republican presidential candidate wrote on X (formerly Twitter) and his social network Truth Social. “It’s time for us to fight back, together.”
Donald Trump has not provided any details about the exact nature of the project, called The DeFiant Ones. Two of his sons, Eric and Donald Jr., heads of the family conglomerate Trump Organization, have described it in recent weeks as “digital real estate.”
In the New York PostEric Trump referred to “collateral that anyone can access instantly.” In finance, collateral typically refers to assets deposited in exchange for obtaining a loan.
Donald Trump, who was unfavorable to cryptocurrencies during his presidency, even calling them a “scam”, has since radically changed his position, to the point of now presenting himself as a champion of digital currencies.
Speaking at a major industry conference in Nashville, Tennessee, in late July, the real estate developer promised that if re-elected, he would be “the pro-innovation, pro-bitcoin president that America needs.”
The former president is thus taking the opposite view to the Biden government, which is considered to be in favor of regulating the sector.
Documents released in mid-August showed that Donald Trump held between $1 million and $5 million worth of ether, the world’s second-largest cryptocurrency.
The platform promised by Donald Trump will be based on so-called decentralized finance, a mechanism that allows you to no longer go through an intermediary such as a bank to carry out transactions with a third party.
Decentralized finance or DeFi is based on the so-called decentralized finance technology. blockchainwhich keeps a theoretically inviolable register of transactions, accessible to all.