Trump's son launches a platform that no one knows about

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

No details have been provided about the project. 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 presence of other networks and the project's website have not yet been discovered.

Bringing Greatness Back to Finance with Eric Trump

In an interview for crypto-as-he-charts-the-family-companys-future/” target=”_blank” rel=””>The New York Post, Eric Trump stressed that the project is related to “digital real estate.” According to him, this real estate will be available to absolutely everyone and will provide fair and instant access to assets.

It's fair. It's a guarantee that anyone can access instantly. I wonder if people realize what a change this is for the world of banking and finance. I hope we can help change that.

There are no descriptions 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 corrupt banks and financial institutions manipulate the system against ordinary citizens. They exclude people, deny them loans, drown them in paperwork, and kill them with legal and processing fees. Our entire family has experienced this firsthand…

Trump Jr. stressed 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 American presidential candidate denied all speculations on the matter. He said that he is working on creating a crypto platform that will challenge traditional banks.

The community reacts to the launch of the platform

Eric Trump's latest tweet sparked mixed reactions in the community. Some x users criticized the project in the comments of the post and questioned its possible success.

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

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Donald Trump supports his father

Earlier, US presidential candidate Donald Trump did not stay on the sidelines and promoted the new community on his social network Truth Social.

“For too long, average Americans have been oppressed by big banks and financial elites. It’s time for us to take a stand, together.”

It is worth noting that during his first term, Trump actively criticized cryptocurrencies and called them a scam. This year, the politician changed his stance and decided to bet on crypto voters.

The former president even recently spoke at the bitcoin 2024 conference in Nashville. During his speech, he promised to fire Gary Gensler as head of the SEC.

The politician also recently launched his fourth nft collection (aka the new Trump trading cards), which comes with bonuses for real-world buyers. The collection consists of 50 unique “portraits” depicting “significant moments” in Trump’s career. The digital images include Trump holding bitcoin, wearing boxing gloves, and acting like Captain America.

Each nft costs $99, but bundles are available. If you buy five nfts, you'll receive one pair of Never Surrender sneakers, while if you buy nine, you'll receive two pairs.

<h2 class="wp-block-heading" id="how-the-crypto-market-is-reacting”>How the cryptocurrency market is reacting

In particular, PolitiFi's MAGA (TRUMP) meme coin has remained virtually unchanged since the news of World Liberty Financial's launch.

However, the last time Trump publicly endorsed the project, the price of TRUMP soared 21% to $3.87.

Overall, MAGA has become one of the largest coins by market cap in the PolitiFi sector, second only to ConstitutionDAO (PEOPLE).

According to the latest report, the political coin category has outperformed the entire meme coin segment in market cap since the beginning of 2024 – 782.4% vs. 90.2%. Moreover, the top tokens have been mostly associated with Trump – TRUMP has soared by 1350.9% since the beginning of the year, and MAGA Hat (MAGA), with a market cap of $35.5 million, has grown by 1292.1%.

The growing interest in the American political scene among cryptocurrency communities has led to the creation of many PolitiFi tokens. While most are created for satirical purposes, some have levied transaction fees to support the project and the political causes it aligns with.

<h2 class="wp-block-heading" id="the-trumps-impact-on-the-u-s-crypto-landscape”>The Trumps' impact on the US cryptocurrency landscape

The results of a Coinbase study crypto-voters” target=”_blank” rel=””>provide One possible explanation for why cryptocurrencies have become a major part of the election agenda. According to the survey, in key states that are crucial for 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 cryptocurrencies could be decisive in these critical battlegrounds.

During his election campaign, Trump already announced planned measures for the cryptocurrency industry. He promised to appoint a presidential advisory council on cryptocurrencies, fire the SEC chairman, introduce more friendly regulation and ban central bank digital currencies.

One way or another, giving a definitive answer on the future of cryptocurrencies under the Trump presidency is impossible. To do so, the presidential candidate must at least win the elections in the fall of 2024.