- The DeFi platform to give Americans an alternative to traditional banks
- The platform’s Telegram channel has garnered over 41,000 subscribers
- Trump's interest in cryptocurrencies is a significant departure from his prior opinions
Former United States President Donald Trump has unveiled a new crypto platform called The Defiant Ones. Trump said the Decentralised Finance (DeFi) platform will provide Americans with a substitute for the traditional, established financial system.
In a post on his Truth Social platform, the Republican presidential candidate said the platform will fight against big banks and give Americans a more independent, more functional option.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand,” he posted, sharing a Telegram group link for the project. At the time of writing, the platform had over 41,000 subscribers.
The Telegram channel was established on August 6, the day that Eric Trump, the son of President Trump, hinted at an impending announcement about cryptocurrency and decentralised finance.
The next day, Trump Jr. posted on X: “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement,” he posted on the social media site X, tagging his brother, Donald Trump Jr., the Trump Organization, and his father. “We’re about to shake up the crypto world with something huge. Decentralised finance is the future; don’t get left behind.”
In a recent interview, Eric told reporters that the project involves “digital real estate.” In another interview with the New York Post this month, he explained, “It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realise what a shake up that is for the world of banking and finance. I hope we can help change that.”
This development comes as Trump moves into the last months of his campaign for the presidential election. He is set to slug it out with Vice President Kamala Harris.
Trump's interest in cryptocurrencies is a significant departure from his prior opinions. He had called Bitcoin a scam and voiced doubts about it while he was president. Trump has, nevertheless, taken a more positive attitude toward the cryptocurrency sector in recent months.
During his recent keynote address at the Bitcoin 2024 conference in July, he pledged to turn America into a cryptocurrency "superpower" and stated that should he win, the US "never sells" its Bitcoin. In later interviews, Trump reaffirmed his opinions, solidifying his support for crypto.
How crypto scammers stole $55 million from trader via phishing
Meanwhile, TheRadar earlier reported that a crypto trader has lost $55.47 million in DAI stablecoin to fraudsters via a phishing attack. This is according to the blockchain security platform Scam Sniffer.
In a post on X, the anti-scam firm said the trader lost the asset after they misappropriatedly transferred ownership of their collateralized debt position (CDP) on DeFi Saver Proxy—a proxy contract created by the DAI stablecoin's issuer to help traders manage their collateralized debt positions (CDPs)—to a malicious wallet.
