Donald Trump Jr. has revealed he’s launching a new decentralized finance crypto platform in an attempt to address inequality in banking access — though it is going to be a long way off yet. 

During a Q&A session on subscription-based platform Locals on Aug. 8, the eldest child of presidential candidate Donald Trump, Donald Trump Jr., saidthat he wasn’t launching a memecoin but working on a crypto platform to take on the banks.

“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin, he said. However, he added that it would be a “long time before we can do anything,” not giving anything away on a time frame.

Trump Jr. didn’t provide much more details on the platform but emphasized that it would be taking on the banking system.

“What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing [...], so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked.”

Rumors around a new crypto offering began circling after he mentioned DeFi in a tweet earlier this week, with many thinking it may be related to a new memecoin launch. 

“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind,” he said in a post on X on Aug. 7.

His brother, Eric Trump, said something similar on X on the same day: “I have truly fallen in love with crypto/DeFi. Stay tuned for a big announcement.”

At the Q&A, he also addressed rumors regarding the Restore the Republic (RTR) memecoin, which had surged and crashed amid false rumors of association with the Trump family. 

Trump’s second son, Eric Trump, also recently denied any connection with the memecoin calling the rumors “absolutely false” on X on Aug. 8, which sent the RTR token crashing over 70%.

Related: Trump token dumps 31% despite doubts he’s behind the DJT token

Donald Trump Jr. made a similar warning in an X post on Aug. 8, saying: “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.”

“The only official project will be announced directly by us, and it will be fair for everyone.”

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