Donald Trump Jr. has revealed plans for a new cryptocurrency project that aims to operate outside traditional banking systems. The initiative, called “The DeFiant Ones,” was announced via the project’s official Telegram group.

In his statement, Trump Jr. described the venture as a response to what he perceives as exclusionary practices in the mainstream financial sector.

“These banks and the elites who run them want absolute control but that ends now,” he wrote in the group.

The announcement references the Trump family’s past conflicts with financial institutions. Trump Jr. stated that his family has been “de-banked, de-platformed and had every political game imaginable played on us.”

According to the statement, the platform intends to eliminate intermediaries in financial transactions. Trump Jr. claimed this would reduce costs and bureaucracy for users.

The Telegram group, created earlier this month, had accumulated over 42,000 subscribers.

Details on the platform remain limited, however, Eric Trump, one of Donald Trump’s sons, said in interview with the New York Post, that the project involves “digital real estate.” This has led to speculation that the project might involve tokenizing real-world assets or selling digitized versions of assets within the metaverse.

Earlier this week, former President Donald Trump endorsed a DeFi crypto project led by his sons, Donald Jr. and Eric Trump, aimed at challenging big banks and financial elites.