Republican presidential candidate and former U.S. President Donald Trump makes a gesture during the Bitcoin 2024 event in Nashville, Tennessee, USA on July 27, 2024.
Kevin Worm | Reuters
Former President Donald Trump took to Twitter on Thursday to promote the upcoming launch of the Trump Organization’s cryptocurrency platform, “The Defant Ones,” to his 7.5 million followers. truth society.
“For too long, ordinary Americans have been squeezed by big banks and the financial elite,” Trump wrote. “It’s time we all took a stand together.”
The post marks the first time a Republican presidential candidate has used his personal platform to promote the yet-to-launch digital bank. Within minutes, his son, Donald Trump Jr., shared the post with his 12 million X followers.
Trump’s post included a link to a Telegram channel called “The Defant Ones,” which had about 29,000 followers as of Thursday morning and was growing.
An August 15 post described the group chat as “the only official Telegram channel for Trump’s DeFi project,” which is building “the future of finance.”
Trump’s two sons, Eric Trump and Donald Jr., have spent weeks teasing the upcoming platform, with Eric recently describing it as “digital real estate.”
“It’s fair. It’s collateral that anyone can use immediately,” Eric told the New York Post earlier this month. “I don’t know if people realize how transformative this is for the banking and financial world. I hope we can help change that.”
The Trump brothers also promoted the project through posts, claiming “Decentralized finance is the future” and ask people “Stay tuned for major announcements.”
References to digital real estate may refer to selling digital versions of assets in the Metaverse, a concept that reached its peak in popularity during the last bull cycle of cryptocurrencies in 2021.
Digitizing real estate could also mean that the project tokenizes real-world assets.
The implementation of the plan coincides with the sprint phase of Trump’s presidential campaign. The former president is trying to regain momentum in his race against Vice President Kamala Harris.
Trump’s eldest son said recently Rather than launching a meme coin, the family is working on developing a crypto platform that can compete with the traditional banking system.
“What we want to do is challenge many areas of banking,” he said on August 8.
“I think there’s a lot of inequality because only certain people have access to finance (…) so this concept of decentralized finance is obviously very attractive to people like me who don’t have bank accounts,” Donald Jr. Trump said in the Financial Times.
In recent months, Trump Sr. has been trying to establish himself as a pro-cryptocurrency presidential candidate.
In April, Trump launched a collection of non-fungible tokens online Solana Blockchain. In May, he became the first major presidential candidate to accept cryptocurrency donations, and in July, the Republican presidential candidate headlined the largest Bitcoin event of the year in Nashville, Tennessee. And earlier this monthA personal financial disclosure form shows the former president owns more than $1 million in cryptocurrency.
This is a sharp departure from Trump’s previous stance on cryptocurrencies during his time in the White House, when he called Bitcoin a scam.
Since his newfound support for the industry, endorsements and donations have poured in. The former president said he had raised $25 million from the cryptocurrency space as of the end of July.
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