Eric Trump, son of US president Donald Trump and Executive Vice President of the Trump Organization, said banks need to use blockchain technology if they want to live in the next decade.
“The modern financial system is broken, slow, it is expensive,” he said in a Interview with CNBC On Wednesday. “Nothing can be done with the blockchain that can’t be done better than the way current financial institutions work. Swift is a completely disaster.” Society for global interbank financial telecommunication, or SWIFT, is the international banking industry system for messaging and payment instructions.
Trump, who will take the stage to CoinDesk’s flagship Event to Consensus 2025 In Toronto this May, it has long been a advocate for technology and – with his brother Donald Trump Jr. The launch of a stablecoin called USD1.
“You can open a (decentralized finance) app today, you can open any cryptocurrency app, and you can send money, purse in the purse, immediately -immediately, at no cost, without the difference” of the banks, he said.
The traditional banking system favors Ultra rich, Eric Trump said, which is one of the reasons why he has been curious in the industry.
“What really came to me (cryptocurrency) was the fact that I realized that our banking system had a weapon against most people in our country, either people who had no zeros on their balance sheet, or those who could wear a red hat who said ‘re -America.’ And I was forced into the crypto world.
Many US banks have been experimenting and effectively using blockchain technology for many years, most prominently JPMorgan, as the industry’s popularity has grown. However, the crackdowns of the previous administration under President Joe Biden are struggling to tap the full potential – something that should change under the current president.
Earlier this week, FinTech Sofi announced Major push into crypto After the suspension of services in 2023 in its efforts to become a regulated bank. On Tuesday, CEO Anthony Neno said there was a “major shift” in the US crypto landscape, which allowed it to reinstate the industry without fear.
