Former President Donald Trump on Thursday appeared to promote an official cryptocurrency project bearing his name, calling for followers to "take a stand" against big banks.
"For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand — together. #BeDefiant," the Republican presidential nominee said in a post on his Truth Social account, NBC News reported.
The post included a link to a Telegram channel for his official "DeFi" project, called "The DeFiant Ones."
Minutes after Trump posted about the as-yet unactivated digital bank, his son Donald Trump Jr. shared out the post to his 12 million followers on X, CNBC reported.
The term "DeFi," short for decentralized finance, is used to refer to financial activities on a blockchain, including the trading of cryptocurrency and for transferring funds away from the influence of traditional banking institutions.
The Telegram channel was created on Aug. 6, the same day Trump's son Eric Trump teased a "big announcement" on X concerning cryptocurrency and DeFi.
“It's equitable," the former president's son told The New York Post. "It's collateral anyone can get access to and do so instantly. I don't know if people realize what a shake-up that is for the world of banking and finance. I hope we can help change that."
The channel gained about 30,000 followers within an hour after the former president touted it on his social media page.
In the past, Trump spoke skeptically about cryptocurrency, calling it a "scam against the dollar" in 2021.
But this election year, he has taken steps to link himself with the cryptocurrency community, praising cryptocurrency while speaking at a Bitcoin conference this summer.
Meanwhile, corporations in the crypto sector are increasing their political donations, according to a Public Citizen report showing the crypto industry has made corporate political contributions of $119 million this year.
Trump has also invested in the sector, and now reportedly owns more than $1 million in cryptocurrency.
His embrace coincides with endorsements from several well-known people, including X owner Elon Musk.
Donations have followed Trump's involvement in the industry, with the former president saying he has raised $25 million as of the end of July from the sector.