Trump Family Unveils New Crypto Platform 'The DeFiant Ones'

By: Eliza Bennet

Former President Donald Trump has announced the upcoming launch of the Trump Organization's new cryptocurrency platform, dubbed 'The DeFiant Ones.' Announced on August 22 through a post on Truth Social, Trump indicated that this DeFi (Decentralized Finance) platform is designed to provide Americans with an alternative to traditional financial systems. He emphasized that the average American has suffered long enough under big banks and financial elites and that the new platform aims to challenge that status quo.

This marks a significant moment for Trump, who has chosen for the first time to use his personal platform to promote this new 'digital bank.' Following his post, his son Donald Trump Jr. shared the announcement with his substantial follower base on X, formerly known as Twitter.

The DeFiant Ones Telegram channel, linked in Trump's post, already boasts approximately 30,000 followers. The channel serves as the official community hub for the Trump DeFi project and aims to be the next big thing in finance. Eric Trump, another of Trump's sons, explained that the project will involve 'digital real estate,' suggesting the possible tokenization of real-world assets or the sale of digitized versions of assets within the metaverse.

This move comes as Donald Trump is in the final stages of his presidential campaign, racing against Vice President Kamala Harris. Trump’s evolving stance on cryptocurrency has attracted attention; during his presidency, he was a vocal skeptic but recently has become much more supportive. At the Bitcoin 2024 conference, Trump promised that if elected, the US would never sell its Bitcoin and would work to make America a crypto 'superpower.'

The Republican party has also adjusted its stance, now including Bitcoin mining and self-custody rights as key elements of its new platform. In line with this, Senator Cynthia Lummis introduced a bill known as the "Bitcoin Act," aimed at making Bitcoin a strategic reserve asset. These changes reflect a broader shift within the party towards more progressive crypto policies, a direction that has raised $25 million in donations from the crypto sector by the end of July. Industry leaders believe Trump's new stance will significantly benefit both the crypto and tech industries.