Trump endorses the family's new cryptocurrency platform, "The Defiant Ones."

• On Thursday, former president Donald Trump announced his upcoming crypto platform, "The DeFiant Ones," to his 7.5 million followers on Truth Social.
• "Trump wrote, "For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand — together.""
• For the first time, the Republican presidential candidate has utilized his personal platform to advertise the still inactive digital bank.

On Thursday, former president Donald Trump endorsed "The DeFiant Ones," a crypto platform developed by his organization, to his 7.5 million followers on Twitter.

"Trump wrote, "For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand — together.""

The Republican presidential candidate's post promoting an unactivated digital bank was shared by his son, Donald Trump Jr., with his 12 million followers within minutes.

As of Thursday morning, "The DeFiant Ones" Telegram channel, which Trump linked to in his post, had about 29,000 followers and was growing.

The Trump DeFi project's official Telegram channel is described in an Aug. 15 post as "the only official channel" and "building the future of finance."

Eric Trump and Donald Jr. have spent weeks promoting their upcoming platform, which Eric recently described as "digital real estate."

"Eric stated to The New York Post earlier this month that the process of obtaining collateral is equitable and accessible to anyone, allowing instant access. He believes this change will revolutionize the banking and finance industry."

The Trump brothers have also advertised the project through posts stating that "decentralized finance is the future" and hinting at an upcoming significant announcement.

The sale of digital real estate could refer to the trading of virtual assets in the metaverse, which gained significant attention during the 2021 crypto bull market.

Digitized real estate could also mean that the project would tokenize real-world assets.

The project's timing coincides with the final stretch of Trump's presidential campaign, as he works to regain momentum against Vice President Kamala Harris.

On Aug. 8, Trump's eldest son stated that the family was not launching a memecoin but instead, they were focusing on creating a crypto platform that would compete with the traditional banking system.

"Our goal is to disrupt the banking industry by providing equal access to financing for all individuals," as stated by Donald Trump Jr. on Aug. 8.

In recent months, Trump senior has positioned himself as the presidential candidate who supports cryptocurrencies.

In April, Trump introduced a unique NFT collection on the blockchain. In May, he became the first significant presidential candidate to receive cryptocurrency campaign contributions. In July, the Republican presidential nominee was the keynote speaker at the largest bitcoin conference of the year in Nashville.

During his time in the White House, Trump labeled bitcoin as a fraudulent investment.

Since his newfound support of the industry, the former president has received endorsements and donations, and has raised $25 million from the crypto sector as of the end of July.