Donald Trump Jr. is gearing up to launch a new crypto platform, signaling a direct challenge to traditional banks and the financial sector.

Donald Trump Jr. Unveils Crypto Platform Plans

A new cryptocurrency network for decentralized finance (DeFi) will be launched by Donald Trump Jr. to solve the issue of unequal access to banking. Having said that, the platform's development is ongoing and its eventual launch is yet in the future.

Donald Trump Jr., the eldest son of former president and presidential candidate Donald Trump, stated during a Q&A session on the subscription-based platform Locals on August 8 that he was not releasing a memecoin but rather was developing a crypto platform to compete with banks, Cointelegraph reports.

Platform to Take On Banks, Not Just Memecoins

Unlike memecoins, "what we’re talking about is a larger type of platform," he clarified. A "long time before we can do anything," he added, but he didn't specify when that would be.

Although he didn't go into much further depth, Trump Jr. did say that the platform would go after the financial sector:

“What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked.”

Many speculated that Trump's mention of DeFi in an Aug. 7 X post was connected to the debut of a new memecoin, sparking rumors of a new cryptocurrency offering.

Platform Development in Progress, Launch Date Pending

“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind,” he pointed out.

"I have truly fallen in love with crypto/DeFi," his brother Eric Trump said on the same day on X, echoing similar sentiments.

While answering questions, he also addressed speculation about the Trump family's alleged ties to the Restore the Republic (RTR) memecoin, which has risen and fallen in value due to unfounded claims.

The memecoin rumors were "absolutely false" in an August X post by Eric Trump, who denied any association with the coin, causing the RTR token to fall by more than 70%.

On August 8, Trump Jr. issued a comparable caution in an X post, writing: