Trump-Associated Venture Unveils Plans for Cryptocurrency Token and Digital Wallet Service
Headline: Trump Media & Technology Group Gets Ready to Embrace Crypto World with Truth Social Token and Digital Wallet
Highlights:
- TMTG looking to launch a utility token and digital wallet for Truth Social platform
- Token initially for Truth+ subscription payments, later expanding to other services
- Trump Media previously planned to invest $250 million in Bitcoin and crypto-related securities
- President Trump already has an official meme coin, TRUMP, on the Solana blockchain
- Truth.Fi aiming to offer "America-First" themed financial products, including ETFs, by year-end
Unleashing the Truth Token and Wallet
Trump Media & Technology Group (TMTG), the company behind the popular conservative platform Truth Social, is taking a tangible step into the world of cryptocurrency. According to a shareholder letter from CEO Devin Nunes, TMTG is "exploring the introduction of a utility token within a Truth digital wallet."
The utility token, to begin with, would serve as payment for Truth+ subscription costs. The aim is to gradually expand its use across other services within what Nunes calls the "Truth ecosphere." The ecosystem already encompasses Truth Social, the president's preferred social media platform, and Truth.Fi, TMTG's fintech brand.
The news marks Trump Media's latest venture into the crypto realm. Back in January, it was revealed that the company was planning to invest up to $250 million of its cash reserves into Bitcoin and similar crypto assets or crypto-related securities.
Donald Trump Plus Crypto Equals TRUMP Memecoin
Not only has President Trump made his presence felt in the social media sphere, but he has also caught crypto enthusiasts' attention. His official meme coin, TRUMP, launched on the Solana blockchain in January, just days before his hypothetical inauguration.
The TRUMP token reached heights of over $73 but has since fallen. Following the Truth Social shareholder letter, the token dropped 3% within the hour and 11% over the day. However, the token saw a surge last week when news broke that the president's project would reward top token holders with an exclusive dinner with Trump. This announcement drove the price up nearly 66% in a single day.
The First Lady also has an official meme coin on the Solana blockchain. Her token, too, experienced volatility, dipping 4.2% shortly after the Truth Social announcement and 9.5% over 24 hours to $0.40 – down from its January high of $13.05.
Financial Ambitions with America-First Themes
Truth.Fi aims to offer investors access to "America-First" themed financial products by the end of 2025. These will include customized exchange-traded funds (ETFs) containing both cryptocurrencies and traditional equities.
TMTG has already signed binding agreements with crypto exchange Crypto.com and asset manager Yorkville America Digital to launch these ETFs with a "Made in America focus." The company stated it plans to invest alongside its shareholders in these financial products.
However, the launch of a Trump Media utility token has sparked concerns about potential conflicts of interest. Critics question whether Trump's influence on policy could benefit his ventures, especially considering his role as "Chief Crypto Advocate" for World Liberty Financial, where he draws a portion of profits.
Concerns also extend to potential benefits for World Liberty, which is 60% owned by the Trump family, and the potential launch of a Trump Media utility token. Despite the growth in Trump-related crypto ventures, shares of TMTG remained unchanged in after-hours trading following the announcement.
- Trump Media & Technology Group (TMTG), the company behind Truth Social, is venturing into the world of cryptocurrency by exploring the introduction of a utility token within a Truth digital wallet.
- The utility token, initially for Truth+ subscription payments, aims to gradually expand its use across other services in what TMTG refers to as the "Truth ecosphere."
- Trump Media's plans to invest up to $250 million of its cash reserves into Bitcoin and similar crypto assets or crypto-related securities were previously revealed.
- President Trump already has an official meme coin, TRUMP, on the Solana blockchain, which saw a surge last week when news broke that the president's project would reward top token holders with an exclusive dinner with Trump.
- Truth.Fi, TMTG's fintech brand, aims to offer investors access to "America-First" themed financial products by year-end, including customized exchange-traded funds (ETFs) containing both cryptocurrencies and traditional equities.
