Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at a recent report nothing how the streaming platform, Truth+, is looking to add a crypto wallet and crypto token.
Truth+ to Add Crypto Wallet and Token
The social media conglomerate backed by US President Donald Trump, Trump Media and Technology Group (DJT), are looking into launching their own cryptocurrency token along with integrating a crypto wallet into the video streaming site, Truth+. As part of a letter to its shareholders on Tuesday the Trump Media CEO Devin Nunes announced:
"As part of our rewards program, we're exploring the introduction of a utility token with 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."
While it will be considered big news for the crypto sector with further adoption, the stock of DJT saw little in terms of a reaction as it remained down 0.52% in after-hours trading. Nunes added that the crypto token and wallet would be part of a rewards program which Trump Media is exploring across its services. This would include the social media platform Truth Social and the financial services platform Truth.Fi. The token could initially be used to pay for subscriptions to Truth+.
Back in November Trump Media showed the first signs of a potential crypto payments venture as they filed a trademark application with the US Patent and Trademark Office for computer software. The trademark was designed to work as a digital wallet, enable digital asset trading and process crypto payments on Truth.Fi. Following that Truth+ launched in October and it offers movies and shows mainly targeting a politically conservative audience.
https://x.com/Cointelegraph/status/1917336198294515923
The letter did not specifically mention the token as a cryptocurrency or confirming blockchain integration, it does make use of language which aligns with terminology common in the crypto sector. Trump Media have also signed a binding agreement with the crypto exchange Crypto.com and asset manager Yorkville America Digital to launch exchange-traded funds (ETFs). These will combine equities with cryptocurrencies, with a "Made in America focus” as part of Truth.Fi. The company plan to invest up to $250 million of its cash reserves into a range of financial products which will include Bitcoin.
This would just be the latest venture into the crypto space for Trump, adding to a growing portfolio of crypto ventures such as NFTs, memecoins, a stablecoin project, Bitcoin mining operations, and a DeFi platform dubbed World Liberty Financial. There is also a reported Trump-themed real estate video game in development.
The launch of a potential Trump Media utility token would continue the debate over the concerns of the president’s crypto-related ventures. Many have voiced their concerns over conflicts of interest in relation to his duties, although Trump did transfer 59% of his stake into a trust last December. Trump is listed as the “Chief Crypto Advocate” for World Liberty Financial and he draws a portion of its profits.
A number of senators have raised concerns that Trump’s influence on policy could benefit World Liberty, which is 60% owned by the Trump family. There was also a backlash regarding the official TRUMP memecoin, which was launched on January 18th and just a mere two days before he re-entered the White House.
https://x.com/EleanorTerrett/status/1917326926139584843
Have a great day.
Peace. CryptoGod-1.
Referral Links and Follow Me:
