- Trump Media has plans to launch a utility token and rewards system across its platforms like Truth+, Truth Social, and Truth.Fi.
- To introduce exchange-traded funds (ETFs), Trump Media has also signed a binding agreement with Crypto.com and Yorkville America Digital.
Trump Media and Technology Group is looking to amalgamate a crypto token and wallet into its video streaming site, Truth+.
The Chief Executive Officer of Trump Media, Devin Nunes, wrote a letter to shareholders on April 29, mentioning that the firm is exploring the launch of a utility token within a Truth digital wallet.
In the beginning, the utility token will be used to pay for a Truth+ subscription, but later on, it will be applicable to other products and services in the Truth ecosystem. Also, the crypto token and wallet would be a part of a rewards program that Trump Media is exploring across its services, including the social media platform, Truth Social, and the financial services platform Truth.Fi.
In November 2024, Trump Media left some hints of their plan for a potential crypto payments venture after filing a trademark application with the US Patent and Trademark Office for computer software designed to work as a digital wallet.
Utility Token Would Increase Concerns
The aim was to allow asset trading and initiate crypto payments on Truth.Fi. To introduce exchange-traded funds (ETFs), Trump Media has also signed a binding agreement with Crypto.com and Yorkville America Digital.
It will consist of crypto and stocks, focusing on “Made in America” to introduce on Truth.Fi. In January, the firm also revealed its plan to invest around $250 million of its cash reserves into various financial products such as BTC and other cryptocurrencies, custodied by asset manager Charles Schwab.
The introduction of a Trump Media utility token will just increase concerns regarding Trump’s crypto-related firms, mainly clashing with his duties. In December 2024, Trump shifted his 59% stake into a trust.
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