Donald Trump Jr. has announced plans to create a new decentralized finance (DeFi) platform aimed at tackling banking inequality.
Speculation about Trump Jr.'s involvement in crypto began when he took to X to post about DeFi earlier this week. Many initially thought he was hinting at the launch of a new memecoin.
During an August 8 Q&A session on the social platform Locals, Trump Jr. clarified, "What we're talking about is a larger type of platform." However, he noted that it would take a while before any concrete steps are taken.
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Trump Jr. explained:
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.
At the Q&A session, Trump Jr. also addressed the surge and subsequent crash of the Restore the Republic (RTR) memecoin, which had falsely been rumored to be linked to the Trump family.
Donald Trump's second son, Eric Trump, denied any association with the RTR memecoin on X, calling the rumors "absolutely false," which led to the token's value dropping by over 50%.
Overall, Donald Trump Jr. is making waves in crypto with a DeFi project that might revolutionize access to financial services.
In other news, Donald Trump has recently launched a line of Bitcoin-themed sneakers, with one model selling out in just three hours.
