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Authored by Martin Young via CoinTelegraph.com,

Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform to address inequality in banking access. However, the platform is still in the early stages and will take some time to become a reality.

During a Q&A session on subscription-based platform Locals on Aug. 8, Donald Trump Jr, the eldest son of presidential candidate and former President Donald Trump, said he wasn’t launching a memecoin but working on a crypto platform to take on the banks.

Trump Jr. didn’t provide much more detail on the platform but emphasized that it would target the banking system:

Trump Jr. discussing the new crypto platform. Source: Steven Steele

Rumors around a new crypto offering began circling after Trump mentioned DeFi in an Aug. 7 X post, with many believing it may be related to a new memecoin launch. 

His brother, Eric Trump, said something similar on X on the same day:

“I have truly fallen in love with crypto/DeFi. Stay tuned for a big announcement.”

At the Q&A, he also addressed rumors regarding the Restore the Republic (RTR) memecoin, which had surged and crashed amid false rumors of association with the Trump family. 

Eric Trump also recently denied any connection with the memecoin, calling the rumors “absolutely false” in an Aug. X post, which sent the RTR token crashing over 70%.

Trump Jr. made a similar warning in an X post on Aug. 8, saying: “I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project.”

Source: Donald Trump Jr.