Eric Trump Teases Upcoming Crypto-Based Initiative Surrounding 'Digital Real Estate' — 'It'll Shake Up The World Of Banking and Finance'

Eric Trump, son of former U.S. President Donald Trump, has hinted at an imminent launch of a cryptocurrency-based project by the family-owned conglomerate, The Trump Organization.

What Happened: According to a report by The New York Post, Eric Trump, who is the Executive Vice President of The Trump Organization, disclosed that the company will announce a major cryptocurrency initiative revolving around decentralized finance, popularly called DeFi.

He referred to the initiative as “digital real estate,” describing it as a source of equitable and accessible collateral. He expressed optimism that this move could disrupt traditional banking and finance.

See Also: Trump-Era White House Official Anthony Scaramucci Says Industry Leaders Want Bipartisan Commitment On Crypto Regulation: ‘We Don’t Want To Fight Any Side’

Eric Trump views cryptocurrency and decentralized finance as potential catalysts for the US economy. He criticized the current financial system for its manipulative nature and bureaucratic inefficiencies, suggesting that this technology could offer a solution.

While the specifics of the announcement are still under wraps, Eric Trump assured that the details would be revealed once everything is finalized.

Why It Matters: Earlier this month, speculation began when Trump’s sons, Donald Trump Jr. and Eric took to X to drop hints about their upcoming venture.

Initially, rumors of an official token project from the Trumps did the rounds, with some enthusiasts falling victim to shitcoins like Restore The Republic RTR/USD. This prompted a word of caution from the family.

However, with the family hinting at a DeFi-based real estate endeavor, it remains to be seen how this move would impact the cryptocurrency sector and its different verticals.

Price Action: Trump-themed Maga TRUMP/USD was exchanging hands at $2.93, down 7.26% in the last 24 hours. Shares of Trump Media & Technology Group Corp. DJT closed 0.04% lower at $23.97 on Wednesday.

Photo by Mark Reinstein on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.