Donald Trump Jr. is rolling out a crypto platform to rival the banks.

This ambitious project, however, is still in its early stages of development, and many details remain under wraps.

During a Q&A session held on August 8 on the subscription-based platform Locals, Trump Jr., the eldest son of presidential candidate Donald Trump, provided some insight into his new venture. He was quick to clarify that this is not another memecoin project, which has become increasingly popular and often controversial in the crypto space. Instead, Trump Jr. revealed that he is working on a much larger and more comprehensive platform aimed at challenging traditional banks.

“We’re discussing a much larger platform,” Trump Jr. explained during the session, emphasizing that it is a significant departure from the typical memecoin projects. He acknowledged the growing interest in decentralized finance but tempered expectations by noting that the project is still in its infancy. “It will be a long time before we can do anything,” he added, leaving the timeline for the platform’s launch open-ended.

While Trump Jr. kept specific details about the platform under wraps, he made it clear that the project’s primary goal is to disrupt the existing banking system. ““Our goal is to take on a substantial part of the banking industry." Trump Jr. expressed concern about what he sees as considerable inequality within the traditional banking sector, where only select individuals have access to financing. This, he believes, is a fundamental issue that decentralized finance can address. As someone who has experienced being “debanked” — a term used to describe the sudden and often unexplained closure of an individual’s bank accounts — Trump Jr. finds the concept of decentralized finance particularly appealing.

The announcement has sparked widespread speculation about what this new crypto venture might entail. Earlier in the week, Trump Jr. mentioned DeFi in a tweet, fueling rumors that his project might involve a new memecoin. This tweet quickly gained attention within the crypto community, with many anticipating a major new offering.

“We're on the verge of making a massive impact on the crypto world. Decentralized finance is the future — don’t get left behind,” Trump Jr. posted on X (formerly Twitter) on August 7, teasing the forthcoming platform. His brother, Eric Trump, echoed these sentiments on the same day, expressing his newfound enthusiasm for the world of crypto and DeFi. “I have truly fallen in love with crypto/DeFi. "Stay tuned for a major announcement," Eric Trump posted on X, fueling even more anticipation.

In addition to outlining his new platform, Trump Jr. used the Q&A session to address rumors surrounding the Restore the Republic (RTR) memecoin. The token had experienced a sharp rise followed by an equally dramatic crash, driven by false rumors of a connection to the Trump family.

Eric Trump took to X on August 8 to distance himself and his family from the RTR memecoin, calling the circulating rumors “absolutely false.” His statement had a swift impact, leading to a more than 70% drop in the token’s value.

Donald Trump Jr. also issued a warning to his followers on X on the same day, urging caution within the crypto community. “I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project,” he advised, cautioning against fraudulent projects that falsely associate themselves with the Trump name.