Trump Media is exploring making a cryptocurrency cost platform referred to as TruthFi, in keeping with a trademark submitting.
The Trump Media & Know-how Group (TMTG) has been working to develop from its present core product, the conservative social media platform Reality Social. In earlier SEC filings, the corporate has said it intends to construct a various set of digital companies. Up to now, it has expanded into streaming and is engaged on constructing its personal tech infrastructure. Now it seems a cryptocurrency cost system might be the most recent addition to its budding roster of ventures.
Within the trademark software filed on Nov. 18, TMTG outlined plans to create “downloadable computer software” that serves as a “digital wallet,” possible referring to an app that can be utilized to retailer and commerce cryptocurrencies. The applying additionally particulars plans to function a funds processing platform for purchases made with cryptocurrencies.
The service might additionally embrace some kind of market intelligence service. Among the many makes use of for the trademark is the “analyzing and compiling [of] data for measuring the performance of financial markets,” in keeping with the applying.
Up to now, Trump Media’s present enterprise—Reality Social—has delivered few monetary outcomes for the corporate. By the third quarter of 2024, Trump Media made solely about $2.6 million in income on losses of $363 million. Nonetheless, the corporate does have a money pile of $372 million in addition to shares, which might be used to fund its enlargement.
A few of that development might come from acquisitions. Earlier this week, the Monetary Instances reported TMTG was in talks to amass the digital forex platform Bakkt in an all-stock deal. Initially launched with nice fanfare in 2018, Bakkt had sought to legitimize buying and selling in cryptocurrencies by providing them to institutional traders. However the firm has struggled since then. In February, Bakkt issued a “going concern” discover and reported it was prone to being delisted from the New York Inventory Change. Bakkt is owned by Intercontinental Change (ICE), the mum or dad firm of the New York Inventory Change.
Bakkt additionally has ties to Republican politics. Its former CEO was Georgia Senator Kelly Loeffler. Her husband, Jeffrey Sprecher, is the CEO of ICE.
TMTG didn’t reply to a request for remark.
President-elect Donald Trump, the most important shareholder of TMTG with about 53% of the corporate, has change into more and more concerned within the crypto trade. Earlier this 12 months throughout the presidential marketing campaign, he introduced the launch of crypto token World Liberty Monetary alongside his son Donald Trump Jr, who’s on the board of TMTG.
Trump warmed as much as crypto just lately after beforehand calling Bitcoin a “scam.” He attributed his change of coronary heart partially to his youngest son Barron Trump, who’s a school scholar at NYU. Throughout an X Areas occasion asserting the launch of World Liberty Monetary, Trump talked about that his youngest son would frequently present him his numerous crypto wallets and the currencies he held in them.
