The Trump family enters DeFi, threatening to end the oppression of banks and financial elites

Original title: Trump personally promotes family DeFi project, threatening to end oppression by banks and financial elites

Original author: Zhang joy, BlockTempo

Former US President Donald Trump, who is running for the White House in 2024, has supported cryptocurrencies in public events many times. Recently, his eldest son Donald Trump Jr. announced that he would enter DeFi and plan to challenge the traditional financial system.

Last night (22), Trump shared a Telegram channel link to The DeFiant Ones on his own social media platform TruthSocial. The introduction was Trump’s official DeFi channel, and the accompanying text hinted that it would subvert traditional financial rules (Trump’s son @DonaldJTrumpJr also helped promote this article on Twitter):

For too long, everyday Americans have been exploited by big banks and the financial elite. Now is the time for us to come together and fight back.

What is the Trump family’s DeFi project?

However, after clicking into the channel The DeFiant Ones, no further information about the project has been revealed. The official only recently released an announcement on August 18, suggesting that more relevant content may be revealed this month:

“Over the next few days, we’ll be sharing some big updates and announcements in this channel. This is the only place to get official news, so be sure to stay tuned and stay informed. Exciting things are coming – don’t miss out!”

The post on August 19 reads: Lets go !!!!!. Overall, it is still unclear what the project is trying to do?

Will the Trump family enter digital real estate?

Although we still don’t know what the Trump family is up to, as early as the beginning of this month, Trump’s second son, Eric Trump, the current vice president of the Trump Organization, also revealed in an interview that the group will soon launch a new cryptocurrency plan and pointed out that the plan may involve digital real estate.

Although Eric Trump refused to disclose further details of the Trump Organizations crypto plan at the time, based on his narrative, some speculated that this might involve the tokenization of real world assets (RWA), that is, bringing real estate or other physical assets to the blockchain, and possibly using digital real estate as collateral for loans or other cryptocurrency financial services.

Eric mentioned:

“It’s fair, it’s collateral that anyone can use instantly. I don’t know if people realize what a game-changer this is for the banking and finance world. I hope we can help change that.”

In addition, he also said in the interview that he saw great prospects for blockchain technology, and praised cryptocurrency and decentralized finance (DeFi) as potential powerful catalysts for the U.S. economy:

“Right now, basically more than half of the people in this country don’t have access to bank deposits. That means most loans at most institutions are rejected. But with this technology (blockchain), they can get approved or rejected by lenders almost instantly based on math rather than policy. Money can be in their account in minutes rather than months.

The current system can be rigged. It is, it always has been, and my family has certainly experienced economic discrimination. Its not right about how people can be easily excluded from certain markets, and it slows everything down.

At some point, I think we all want some form of financial independence and a world where we don’t have to follow the big banks’ playbook. That day will be here soon.”

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