What is the DeFi platform that Trump is going to launch to subvert traditional banks?

Source: Blockchain Knight

Former US President Trump announced on August 22 that he would launch a new Crypto asset platform named "The DeFiant Ones".

Trump announced the news on Truth Social yesterday and said that the establishment of the DeFi platform aims to give Americans a choice outside the traditional financial system.

"For a long time, the American public has been exploited by big banks and financial elites. Now is the time to solve this problem."

This is also the first time Trump has used his personal platform to promote this "digital bank". After Trump posted, his son also forwarded the post.

The post published by Trump contains a link to a Telegram channel called "The DeFiant 0nes". According to reports, the channel is the official account of Trump's DeFi project.

Trump's son said in an interview that the project also involves "digital real estate".

He explained: "This product launch is fair to anyone, they can get collateral immediately. I don't know if people realize that this is a very big shock to the banking and financial world."

The reference to "digital real estate" has led to speculation that the platform may involve the tokenization of real-world assets.

Trump's announcement comes in the final stages of the presidential campaign and is also a campaign for himself and Vice President Kamala Harris.

However, Trump had previously expressed skepticism about BTC during his presidency, calling it a scam. It’s only in recent months that Trump has taken a more supportive stance toward the Crypto asset industry.

Previously, Trump served as a headline speaker at the BTC 2024 conference in July and said that if elected, he would ensure that the United States “never sells” BTC, and vowed to make the United States a Crypto asset “superpower”, solidifying his position in support of Crypto assets.

The Republican Party of the United States has also followed suit, making BTC mining and self-custody a key point of its new platform.

In addition, Senator Cynthia Lummis introduced legislation called the Bitcoin Act, which aims to use BTC as a strategic reserve asset.

Trump’s changing stance on Crypto assets has attracted widespread attention from industry leaders, and people believe that Trump’s progressive policies will be a boon to Crypto assets and the technology industry. Trump’s report mentioned that as of the end of July, he had raised $25 million in donations from the Crypto asset industry.