On Thursday local time, Trump posted on his social media platform, Truth Social, stating: "The ordinary people of America have long been exploited by big banks and financial elites. Now is the time for us to unite."
Although the content of this post is somewhat vague, the tags and attached links indicate that Trump is using his influence to promote his family's blockchain financial project. The post is also linked to an instant messaging group called "The DeFiant Ones," which describes itself as Trump's official decentralized finance (DeFi) project. So far, about 32,000 people have subscribed to this channel.
Unlike traditional centralized finance (CeFi) such as banks and exchanges, DeFi operates through smart contracts on the blockchain. Due to its decentralized nature and lack of necessary regulatory measures, this emerging industry is often associated with fraud and significant losses.
As a presidential candidate, Trump's move is not only aimed at leveraging his influence for profit but also at supporting his two sons. Since he began publicly supporting the blockchain and cryptocurrency industry more frequently this year, political donations have been pouring in. By the end of July, the former president, who once called Bitcoin a scam, had already received $25 million in donations from the crypto sector.
So, what exactly is the Trump family's blockchain digital banking project?
It is clear that the 78-year-old Trump is unlikely to be deeply involved in the operations of blockchain technology. The real masterminds behind this project are his two sons: Eric Trump and Donald Trump Jr.
Eric Trump, president of the Trump Organization, revealed in early August that the company plans to use blockchain technology to enter the "digital real estate" sector.
Based on the limited information currently available, the Trump family may be developing a blockchain-based mortgage platform, with the underlying technology and transaction logic entirely relying on the blockchain.
Eric stated, "Nearly half of Americans currently do not have a bank account, which means most traditional financial institutions are unlikely to provide them with loans. But with this technology, they can almost immediately receive approval or rejection from a lender based on mathematical algorithms rather than policies. Funds could enter their accounts in minutes, not months."
He further mentioned that the Trump Organization is working to create a new financial world that does not have to follow the rules of traditional big banks, a vision that is "about to become a reality."
Donald Trump Jr. also recently mentioned that they are developing a crypto financial platform that could rival the traditional banking system.
