Trump’s son launches platform that nobody knows about

Eric Trump, son of US presidential candidate Donald Trump, announced the official launch of his DeFi project World Liberty Financial.

No details of the project have been provided. It is known that it was initially called The Defiant Ones. World Liberty Financial’s X and Telegram channels have over 16,000 and 45,000 users respectively. The existence of other networks and the project’s website have not yet been discovered.

Making finance great again with Eric Trump

Eric Trump emphasized in an interview with the New York Post that the project is about “digital real estate”. According to Trump, this real estate will be accessible to absolutely everyone and there will be fair and immediate access to the assets.

It’s fair. It’s collateral that everyone can access and access instantly. I wonder if people realize how big a shake-up this is for the banking and finance world? I hope we can help change that.

There is no mention of the project on social media, but on Telegram it promises to “make finance great again by putting the power back in YOUR hands.”

We all know how rogue banks and financial institutions manipulate the system against ordinary Americans. They exclude people, deny them credit, drown them in paperwork, and kill them with legal and processing fees. Our entire family has experienced this firsthand…

Trump Jr. emphasized that the new Telegram channel will be the main source of information about the upcoming project.

The crypto community believed that Trump Jr.’s crypto project would be related to meme coins. However, the son of the US presidential candidate denied all speculations on this matter. He said that he was working on creating a crypto platform that would challenge traditional banks.

Community reacts to platform launch

Eric Trump’s latest tweet has sparked mixed reactions in the community, with some X users criticizing the project and questioning its potential success in the comments on the post.

Why does this look like a big carpet?

— SoundMoney 🧪🍌 (@s0undmoney) August 28, 2024

One user also predicted the wrath of Securities and Exchange Commission Chairman Gary Gensler:

Gensler will probably send you a Wells notification tomorrow

— jpeggler (@jpeggler) August 28, 2024

Donald Trump supports his father

Previously, US presidential candidate Donald Trump had not stood aside and had advertised his new community on his social network Truth Social.

“For too long, the average American has been squeezed by big banks and the financial elite. It’s time for us to take a stand—together.”

Notably, Trump actively criticized cryptocurrencies during his first term, calling them a scam. This year, the politician has changed his position and decided to bet on crypto voters.

The former chairman recently spoke at the Bitcoin 2024 conference in Nashville. During his speech, he promised to remove Gary Gensler as SEC chairman.

The politician also recently released his fourth NFT collection (also known as the new Trump trading cards) and added real-world buyer bonuses. The collection consists of 50 unique “portraits” depicting “key moments” from Trump’s career. The digital images include Trump holding Bitcoin, wearing boxing gloves, and pretending to be Captain America.

Source: CollectTrump

Each NFT costs $99, but bundles are available. Buying five NFTs gets you one pair of Never Surrender sneakers, while buying nine gets you two pairs.

How is the crypto market reacting?

PolitiFi’s MAGA (TRUMP) meme coin, in particular, has barely changed since the news of World Liberty Financial’s launch.

However, in the last period when Trump announced the project to the public, the price of TRUMP increased by 21 percent to $3.87.

Overall, MAGA has become one of the largest cryptocurrencies in the PolitiFi sector, ranking second behind ConstitutionDAO (PEOPLE) in terms of market cap.

According to the latest report, the political coin category has outpaced the entire meme coin segment in terms of market cap since the beginning of 2024 — 782.4% versus 90.2%. Moreover, the top tokens are mostly associated with Trump: TRUMP is up 1350.9% since the beginning of the year, and MAGA Hat (MAGA), with a market cap of $35.5 million, has grown 1292.1%.

The increasing interest in the US political scene among the crypto community has led to the creation of several PolitiFi tokens. While most have been created for satirical purposes, some have charged transaction fees to support the project and its aligned political causes.

Trumps’ impact on the US cryptocurrency market

The results of the Coinbase survey offer a possible explanation for why cryptocurrency has become a major part of the election agenda. According to the survey, in key states critical to the 2024 US presidential election, young cryptocurrency holders under the age of 35 are almost evenly split between Democrats and Republicans — 41% and 39%, respectively. This suggests that the influence of cryptocurrency could be decisive in these critical battlegrounds.

Trump announced planned measures for the crypto industry during his campaign, promising to appoint a crypto presidential advisory council, fire the SEC chairman, impose friendlier regulations and ban central bank digital currencies.

One way or another, it’s impossible to give a definitive answer about the future of cryptocurrencies under Trump’s presidency. To do that, the presidential candidate would need to win the election in the fall of 2024 at least.