Eric Trump, the son of US President Donald Trump and CEO Vice President of the Trump Organization, said Banks will have to use blockchain technology if they want to survive the next decade.
“The modern financial system is broken, it’s slow, it’s expensive,” he said in an interview with CNBC on Wednesday. “There is nothing that can be done on blockchain that cannot be done better than the way the current financial institutions are working. Swift is an absolute disaster.” Society for Worldwide Interbank Financial Telecommunication, or Swift, is the banking sector’s international system for message and payment instructions.
Trump, who will take the scene at Coindesk’s Flagship Consensus 2025 event in Toronto in May, has long been a spokesman for technology and – along with his brother Donald Trump Jr. – Has been involved in several crypto projects, most recently the launch of a stableecoin called USD 1.
“You can open one [decentralized finance] App right now, you can open any cryptocurrency app, and you can send money, wallet wallet, instantly, without the expense, without variability ”by banks, he said.
The traditional banking system favors the ultra-welfare, said Eric Trump, which is one of the reasons he became curious about the industry.
“What did me actually get in [cryptocurrency] Is the fact that I realized that our banking system became weapons against the vast majority of people in our country, either the people who do not have the zeros in their balance, or people who may have carried the red hat that said ‘makes America great again.’ And it forced me into the crypto. And I tell you if the banks do not see what is coming, they will be eradicated in 10 years, ”he said.
Many US banks have experimented and effectively using blockchain technology for years, most prominent JPMorgan, as the industry’s popularity has grown. However, the crash of former administration under President Joe Biden made it difficult to exploit full potential – something that needs to be changed under the current president.
Earlier this week, Fintech Sofi announced a big push in crypto after suspending services in 2023 in his efforts to become a regulated bank. On Tuesday, CEO Anthony Noto said there has been a “fundamental shift” in the cryptoms in the United States, allowing it to re -enter the industry without fear.
