Trump Media 'exploring' utility token for Truth Social ecosystem
Quick Take
- U.S. President Donald Trump’s media company, called Trump Media & Technology Group, is mulling a utility token “Truth digital wallet” users can apply towards “Truth+ subscription costs” and potentially later “other products and services” within the Truth Social ecosystem.
- Last November, the company filed a trademark application for the fintech Truth.Fi, which mentioned services for “downloadable computer software for use as a digital wallet.”
U.S. President Donald Trump’s media company, called Trump Media & Technology Group, is exploring yet another crypto-related venture, the company said in a letter to shareholders on Tuesday.
"As part of a rewards program, we're exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere," the letter said.
Earlier this month, Trump Media, the parent company of the social media platform Truth Social, finalized an agreement with top U.S. crypto exchange Crypto.com and asset management firm Yorkville America Digital to launch a series of exchange-traded funds and products through its fintech brand Truth.Fi. Last November, the company filed a trademark application for Truth.Fi, which mentioned services for "downloadable computer software for use as a digital wallet."
The president's media company then launched the fintech brand Truth.Fi in January, shortly after Trump took office. The billionaire president owns over 50% of Trump Media.
The unveiling of new Trump-related crypto initiatives shows no signs of slowing down. During the last several months the sitting president has, through companies he's directly linked to, not only formed a partnership with Crypto.com to launch ETFs, which are expected to include various digital assets and securities with a “Made in America” focus, members of his family are backers and ambassadors for the DeFi project World Liberty Financial. Trump is also listed as World Liberty Financial's "Chief Crypto Advocate."
Then, in January, Trump officially promoted the TRUMP memecoin, which has swelled to a $2.6 billion market capitalization. The memecoin experienced a major spike in price and volume recently after the team behind TRUMP announced that top token holders would have a chance to attend an exclusive dinner with the president.
Both political rivals and ethics advocates have criticized Trump for offering exclusive access to those who buy his memecoin. Chainalysis has said the memecoin "generated hundreds of millions worth of cryptocurrency profits for entities affiliated" with the president.
TRUMP was down 11% and changing hands at about $13, as of 5:52 p.m. EST on Tuesday, according to The Block Price Page.
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