(Kitco News) – The Trump family continues to wade deeper into the crypto waters as Donald Trump Jr. and his brother, Eric Trump, have launched a Telegram channel titled ‘DeFiant Ones’ as part of a larger plan to launch a decentralized finance (DeFi) platform intended to challenge the established banking order.
“Welcome to *The DeFiant Ones* – the only official Telegram channel for the Trump DeFi project!” the group’s welcome message says. “We're thrilled to have you join our growing community. Please be aware that this is the ONLY official channel for our project. Let's build the future of finance together. Be DeFiant!”
Eric Trump previously said the new project will “shake up” the world of banking and finance, and the group’s description says it is designed to provide people with information on the Trump family's upcoming DeFi crypto project amid rampant rumors and wild speculation.
A lot of rumors are swirling about our crypto project. To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!https://t.co/wVPMEJTpKy
— Donald Trump Jr. (@DonaldJTrumpJr) August 15, 2024
According to a report from The Block, The ‘DeFiant Ones’ is also a trademark registered by AMG Software Solutions, which also filed trademark applications for the terms “Be DeFiant,” “World Liberty” and “World Liberty Financial.”
While the finer details of the project have been kept under wraps, the information that has been released suggests it will likely be billed as a bank account alternative.
“It’s digital real estate,” Eric Trump said during an interview with the New York Post this week, referring to cryptocurrencies. “It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shake-up that is for the world of banking and finance. I hope we can help change that.”
The platform's creation was prompted by conservative individuals' struggles to secure banking services in recent years, including the freezing of bank accounts belonging to those who participated in the Canadian trucking protest against the COVID-19 vaccine mandates.
“Essentially over half this country right now cannot be banked,” Eric Trump told the Post. “Meaning they will be rejected for most loans from most institutions. But with this technology they could have the ability to almost instantaneously be approved or denied from a lender based on math, not policy. Money could be in their account in minutes, not months.”
On Thursday, Donald Trump Sr. promoted the group to his followers on Truth Social, saying it’s time to take a stand against big banks and financial elites.
“For too long, the average American has been squeezed by the big banks and financial elites,” Trump posted on Truth Social. “It's time we take a stand – together. #BeDefiant.”
