Trump teases ‘official’ cryptocurrency project

Former President Donald Trump appeared to advertise an “official” cryptocurrency project utilizing his identify in a Reality Social publish on Thursday.

“For too lengthy, the typical American has been squeezed by the large banks and monetary elites. It’s time we take a stand — collectively. #BeDefiant,” the post learn. The Republican presidential nominee additionally included a hyperlink to a Telegram channel for his official “DeFi” project.

“DeFi” stands for decentralized finance and refers to monetary actions on a blockchain. It consists of cryptocurrency buying and selling and transferring funds outdoors the purview of banking establishments. 

Trump’s publish concerning the project comes on the heels of a sequence of actions he’s taken to align himself with the cryptocurrency group, which is extremely energetic on-line and tight-knit.

After referring to cryptocurrency as a “rip-off in opposition to the greenback” in 2021, Trump praised it this summer time whereas talking at a bitcoin convention as companies inside the crypto sector have dramatically elevated their political donations. A Public Citizen report discovered that the crypto business has contributed $119 million this yr making an attempt to affect federal elections. That determine represents practically half of all company contributions made this yr. Trump has made investments within the sector, and now owns greater than $1 million in cryptocurrency. He additionally dabbled in crypto with an NFT project through which individuals might purchase digital, blockchain-linked cartoon drawings of him.

Trump’s embrace of crypto has additionally coincided with endorsements from a number of well-known venture capitalists and technologists, most notably Elon Musk. 

Trump’s son Eric beforehand teased a “large announcement” round cryptocurrency and DeFi in a post on X on Aug. 6. The Telegram channel Trump linked to was created the identical day and it shortly began gaining subscribers on Thursday, with virtually 30,000 an hour after Trump posted about it.

Earlier than Trump’s Reality Social publish, the Telegram group ran a giveaway for Telegram Premium subscriptions and welcomed subscribers to “the one official Telegram channel for the Trump DeFi project!”

Telegram, a Dubai-based chat app, has been known to host extremist and pro-Trump content material outdoors the bounds of different social media platforms’ pointers. After Jan. 6, 2021, the platform banned some extremist teams.

Whereas cryptocurrency has risen sharply in reputation in recent times, it’s additionally been a sexy instrument and goal for scammers and hackers.

“Keep vigilant and don’t fall for impersonations or scams — our crew won’t ever DM you first,” the channel wrote within the announcement. 

The Trump marketing campaign didn’t instantly reply to a request for remark.