(MENAFN) Former U.S. President Donald trump has unveiled plans to launch a cryptocurrency platform named “The DeFiant Ones,” positioning it as an alternative to traditional banking systems and major financial institutions. This announcement marks a significant shift from his previous stance on cryptocurrencies, as Trump had once labeled them as a “scam” during his presidency. In his recent social media posts on twitter and Truth Social, Trump expressed frustration with the influence of large banks and financial elites, asserting that it is time for a collective pushback against their dominance.

Details about the new project remain sparse, but Trump’s sons, Eric and Donald Jr., who manage the Trump Organization, have described the venture as “digital real estate.” Eric Trump mentioned “safeguards that are immediately accessible to everyone,” which suggests that the platform may incorporate features related to financial security and collateral management. The concept of decentralized finance (DeFi), which Trump’s platform will utilize, involves bypassing traditional intermediaries like banks by using blockchain technology. This technology enables secure and transparent transaction records without the need for central authority oversight.

Trump’s recent remarks at a conference in Nashville, Tennessee, where he promised to be a “pro-renewal, pro-Bitcoin president” if re-elected, further highlight his newfound embrace of cryptocurrency. This stance contrasts with the current administration under President Joe Biden, which favors regulating the cryptocurrency sector. Additionally, recent disclosures indicate that Trump holds between USD1 million and USD5 million in ether, the second-most-used cryptocurrency, underscoring his personal investment in the digital currency sphere.