Banks Need Blockchain Technology to Survive Next Decade, Eric Trump States
Eric Trump, executive vice president of the Trump Organization, stated that banks must adopt blockchain technology to survive in the next decade. He criticized the current financial system as slow and expensive, emphasizing that blockchain offers superior solutions for transactions.
Key points include:
- SWIFT, the banking industry's international messaging system, is labeled ineffective by Trump.
- He will speak at CoinDesk’s Consensus 2025 event in Toronto.
- Trump and his brother have engaged in various crypto projects, including launching a stablecoin called USD1.
- He highlighted the advantages of decentralized finance apps for instantaneous money transfers without banking fees.
- Trump expressed concerns about the traditional banking system favoring the wealthy, which drew him to cryptocurrency.
- Many U.S. banks, like JPMorgan, have been exploring blockchain applications despite regulatory challenges under previous administrations.
- Fintech platform SoFi plans to re-enter the crypto market after suspending services in 2023, citing a significant change in the regulatory environment.