Eric Trump, son of US President Donald Trump and executive vice-president of the Trump organization, said banks will have to use blockchain technology if they wanted 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 on the blockchain which cannot be done better than the way in which current financial institutions work. SWIFT is an absolute disaster.” The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the international banking sector system for messaging and payment instructions.
Trump, who will go on stage during the flagship event of Coindesk’s 2025 consensus in Toronto in May, has long been a defender of technology and – with his brother Donald Trump Jr. – was involved in several cryptographic projects, more recently the launch of a stable called USD1.
“You can open a [decentralized finance] Application right now, you can open any cryptocurrency application, and you can send money, wallet to the wallet, instantly, without spending, without the variability of banks, he said.
The traditional banking system promotes ultra-riche, said Eric Trump, which is one of the reasons why he has become curious about industry.
“What brought me [cryptocurrency] is the fact that I realized that our banking system was armed against the vast majority of the inhabitants of our country, either people who do not have zeros in their balance sheet, or people who could have carried this red hat that said “ to make America again great ”. And it forced me to enter the world of cryptography. And I tell you that if the banks do not look at what is happening, they will disappear in 10 years, “he said.
Many American banks have effectively experienced and use blockchain technology for years, on the greatest number of JPMorgan, as the popularity of the industry has increased. However, the repression of the previous administration under President Joe Biden made it difficult to draw full potential – something that is supposed to change under the current president.
Earlier this week, Fintech Sofi announced a major thrust in the crypto after suspending the services in 2023 in its efforts to become a regulated bank. On Tuesday, CEO Anthony Noto said that there was a “fundamental change” in the cryptography landscape in the United States, which enabled him to return to industry without fear.
