Eric Trump, son of the president of the United States, Donald Trump, and executive vice president of the Trump organization, said the banks must use blockchain technology if they want to survive the next decade.
“The modern financial system is broken, it is slow, it is expensive,” he said in an interview with CNBC on Wednesday. “There is nothing that can be done in blockchain that cannot be done better than the way in which current financial institutions are working. Swift is an absolute disaster.” The Company for World Interbank Financial Telecommunications, or Swift, is the international system of the bank industry for message and payments.
Trump, who will take the stage at the Flagship Consensus 2025 event of Coindesk in Toronto this May, has been a technology defender and, with his brother Donald Trump Jr., has been involved in several cryptographic projects, more recently the launch of a stablcoin called USD1.
“You can open a [decentralized finance] Application At this time, you can open any cryptocurrency application, and you can send money, wallet to the wallet, instantly, without spending, without the variability “of the banks, he said.
The traditional banking system favors the ultra rich, said Eric Trump, which is one of the reasons why it was curious about the industry.
“What really did [cryptocurrency] It is the fact that I realized that our banking system was armed against the vast majority of people in our country, or the people who do not have the zeros in their balance, or people who could have used that red hat that said “making the United States become great again.” And forced me to enter the cryptographic world. And I tell you that if banks do not look at what is coming, they will be extinguished in 10 years, “he said.
Many American banks have been experiencing and effectively using blockchain technology for years, the highlight of JPMorgan, as the popularity of the industry has grown. However, repressions by the previous administration under President Joe Biden made it difficult to take advantage of all the potential, something that is supposed to change under the current president.
Earlier this week, Fintech Sofi announced a great boost to cryptography after suspending services in 2023 in its effort to become a regulated bank. On Tuesday, CEO Anthony Noto said there has been a “fundamental change” in the cryptographic panorama in the United States, which allows him to re -enter the industry without fear.
