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Trump promotes family-run crypto platform
Trump promotes family-run crypto platform
by AFP Staff Writers
Washington (AFP) Aug 22, 2024

Donald Trump on Thursday announced the upcoming launch of a cryptocurrency platform, presenting it as an alternative to banks and financial institutions.

"For too long, the average American has been squeezed by the big banks and financial elites," wrote the Republican candidate in the US presidential election on his Truth Social network.

"It's time we take a stand - together."

Trump provided no details as to the exact content of the project, called "The DeFiant Ones."

His post featured the now iconic picture of the former president, fist clenched, just moments after an assassination attempt last month at a rally in Pennsylvania.

Two of his sons, Eric and Donald Jr, who head the Trump Organization family conglomerate, have described the project in recent weeks as "digital real estate."

This could refer to the trading of assets in the virtual worlds of the metaverse or a method to make real world assets available to be bought and sold in bitcoin-like tokens.

During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a "pro-bitcoin president" if elected in November.

In so doing, he is standing in opposition to the Biden administration, which is seen as a proponent of regulating the sector.

Trump's White House rival Kamala Harris, who is also Biden's vice president, has not taken a clear stance either way since launching her campaign last month.

Documents published in mid-August showed that Trump held between one and five million dollars' worth of ether, the world's second-largest cryptocurrency.

The platform promised by Trump will be based on so-called decentralized finance, a mechanism that makes it possible to no longer go through an intermediary such as a bank to carry out transactions with a third party.

Decentralized finance, or DeFi, is based on so-called blockchain technology, which keeps a theoretically open but tamper-proof record of transactions.

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