Trump announces 'The DeFiant Ones': A cryptocurrency platform to challenge the traditional financial system
The former president presented the project as a solution to the economic injustices of large banking institutions.
Donald Trump from his golf club in New Jersey.
Donald Trump presented his latest cryptocurrency project. Through his Truth Social account, the former president announced the launch of "The DeFiant Ones," the Trump Organization's new digital platform, which seeks to challenge the dominance of conventional financial institutions.
In his announcement Thursday, Trump highlighted the platform, which is not yet live, as a response to what he perceives as economic injustices by big banking institutions. "For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand — together," Trump tweeted.
The post included a link to a Telegram channel called The DeFiant Ones, which, as of this Thursday morning, had about 29,000 followers, a number that continues to grow. An August 15 message on the channel describes the group as "the only official Telegram channel for the Trump DeFi project," underscoring its goal of building "the future of finance."
After the announcement, Donald Trump Jr. shared the post on X with his 12 million followers, replicating his father's message.
Family promotion and digital concepts.
Trump's brothers, Eric and Donald Jr., have been promoting the new platform for weeks. Eric Trump described it as "digital real estate," a concept that could refer to selling digitized versions of assets in the metaverse or tokenizing real-world assets. "It's equitable. It's collateral that anyone can access instantly," Eric told the New York Post. "I hope we can help change that."
The Trump brothers' publications have emphasized the importance of decentralized finance, encouraging people to keep an eye out for future major announcements.
Political context and developments in cryptocurrencies.
The launch of the platform of cryptocurrencies of Donald Trump coincides with the final stage of his presidential campaign, where he is seeking to regain ground against Vice President Kamala Harris. Donald Trump Jr. recently clarified that the family is not developing a memecoin but a crypto platform aimed at transforming the financial sector.
Unlike established cryptocurrencies, which are based on sound technologies and have practical applications, memecoins are cryptocurrencies that often arise from Internet memes or jokes and lack a serious functional purpose.
In recent months, Donald Trump has stepped up his support for cryptocurrencies. In April, it launched a series of non-fungible tokens (NFTs) on the Solana network. In May, he became the first high-profile presidential candidate to accept cryptocurrency donations. In addition, in July, he led the most significant Bitcoin event of the year in Nashville, Tennessee. A recent financial disclosure form also revealed that the former president owns more than $1 million in cryptocurrencies.
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