What’s the story
Former US President Donald Trump has announced the launch of a new cryptocurrency platform named ‘The DeFiant Ones.’
The announcement was made via a post on Truth Social, Trump’s social media network.
Although specific details about the platform remain undisclosed, it is suggested that the project aims to serve unbanked and underserved communities.
Trump’s platform to challenge financial elites
In his announcement, Trump stated, “For too long, the average American has been squeezed by the big banks and financial elites.”
He further added that it’s time for a united stand against these forces.
The name of the platform, ‘The DeFiant Ones,’ is a clever play on words referencing decentralized finance or DeFi.
Official Telegram channel for Trump’s DeFi project
The Truth Social post by Trump includes a link to a Telegram channel dedicated to the upcoming platform.
The channel, active since August 15, is described as the “only official Telegram channel for the Trump DeFi project.”
However, it does not provide any additional information about what this project might entail.
Trademark applications hint at project’s focus
In July, AMG Software Solutions filed trademark applications for phrases like “Be DeFiant,” “World Liberty,” and “World Liberty Financial.”
The latter is described as a service that provides financial information in the field of decentralized finance (DeFi).
These trademarks could potentially be linked to Trump’s new venture, although this connection is not yet confirmed.
Trump’s sons discuss potential benefits of the project
In recent interviews, Donald Trump Jr. and Eric Trump have suggested that their father’s project could benefit underserved communities.
Eric told the NewYork Post, “Essentially over half this country right now cannot be banked.”
He believes that with this technology, individuals could potentially gain almost instantaneous approval or denial from a lender based on mathematical calculations rather than policy decisions.
Cryptocurrency’s role in financial inclusion debated
The idea that cryptocurrency can improve financial access for unbanked individuals is widely discussed within the industry.
However, a study by the Center for American Progress (CAP) found no systematic evidence that crypto transactions are cheaper than traditional ones.
CAP’s former director of financial regulation and corporate governance, Todd Phillips, warned in 2022 about the risks of encouraging low-income individuals to invest their earnings or savings into highly volatile assets.
Trump’s previous engagements with cryptocurrency
‘The DeFiant Ones’ is not Trump’s first venture into the world of cryptocurrency.
He was the keynote speaker at this year’s Bitcoin Conference in Nashville, Tennessee, and has disclosed owning between $1 million and $5 million in a “virtual Ethereum key.”
Additionally, he earned $7.2 million from three NFT collections, although some tokens lost value almost immediately after purchase.