Former U.S. President Donald Trump announced on Thursday his intention to launch a digital currency platform, presenting it as an alternative to traditional banks and major financial institutions.
“Americans have been under pressure from big banks and financial elites for far too long,” the Republican presidential candidate wrote on Twitter and his social media network, Truth Social, according to Media
“It’s time for us to fight back together,” he added.
Trump did not provide any specific details about the project, which is called “The DeFiant Ones.”
In recent weeks, two of Trump’s sons, Eric and Donald Jr., who lead the Trump Organization, have referred to the venture as “digital real estate.”
Eric Trump told the New York Post about “safeguards that are immediately accessible to everyone.”
In finance, collateral typically refers to assets pledged in exchange for a loan.
During his presidency, Trump was opposed to cryptocurrencies, even labeling them a “scam,” but he has since radically changed his stance and now presents himself as a leader in the field.
At a major conference held in late July in Nashville, Tennessee, Trump promised that if re-elected, he would be “the pro-renewal, pro-Bitcoin president that America needs.”
This position contrasts with the views of President Joe Biden’s administration, which is generally seen as favoring regulation of the sector.
Documents released in mid-August revealed that Trump owns between $1 million and $5 million worth of ether, the world’s second-most-used cryptocurrency.
The platform Trump has proposed will rely on decentralized finance, a system that enables transactions to be conducted without an intermediary, such as a bank.
Decentralized finance is based on blockchain technology, which maintains a theoretically inviolable and accessible record of transactions.