Forget Memecoins — Donald Trump Jr. Plans To Launch New DeFi Platform To Challenge Banks

Donald Trump Jr. has the crypto world buzzing. After teasing a “huge” crypto announcement two days ago, the eldest child of the former U.S. president has now revealed plans for a decentralized finance (DeFi) crypto platform that aims to tackle the banking access inequality.

While Donald Trump Jr. did not reveal many details about the platform, he made one thing clear: this isn’t another Trump-themed memecoin.

Donald Trump Jr.’s DeFi Project

During a Q&A session on subscription-based platform Locals on Thursday, Donald Trump Jr said he is working on a crypto platform to challenge traditional banking systems. 

“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin,” he postulated. 

Don Jr. added that the platform is still in its infant stages and will take some time before it actualizes, though he didn’t share a time frame. While most details were not divulged, he stressed that the forthcoming crypto platform would target the traditional banking system:

“What we want to do is take on a lot of the banking world. 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.”

No New Memecoins

Hopes for a new Donald Trump crypto offering were kindled earlier this week after Donald Trump. Jr teased a project that would “shake up the crypto world with something HUGE.” His younger brother, Eric Trump, tweeted on the same day that he had “fallen in love with Crypto/DeFi.”

During the Q&A, the Trump brothers also addressed rumors regarding the newly launched Solana-based memecoin Restore the Republic (RTR), which swelled to a $155 million market cap before collapsing 95% amid false rumors of connection with the Trump family. The pair denied having any connection to RTR and called the rumors “absolutely false.”

The Trump sons’ public crypto declarations follow their father’s embrace of the fast-evolving crypto sector. As ZyCrypto previously covered, Republican presidential nominee Donald Trump went from calling Bitcoin a scam to becoming one of the most vocal crypto champions in American politics.

Earlier this month, Trump proposed that the United States can even pay off the gargantuan $35 trillion national debt with Bitcoin — “a little crypto check.” The statement followed his recent promise at the Bitcoin Nashville conference to establish a “strategic Bitcoin stockpile” for the nation and “keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.”