President Donald Trump’s publicly traded media firm is contemplating the launch of a “utility token” and “digital wallet,” in line with a letter the corporate’s CEO and chairman Devin Nunes despatched to shareholders on Tuesday. Within the run as much as an annual shareholder assembly on Wednesday for Trump Media & Know-how Group (TMTG), Nunes wrote in regards to the firm’s enlargement of merchandise for “patriotic Americans,” together with plans for its streaming service Fact+.
“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,” he stated.
Whereas Nunes didn’t specify whether or not the “utility token” was a cryptocurrency or if the “digital wallet” was blockchain-based, the phrases are frequent within the crypto trade. Utility tokens are cryptocurrencies that builders intend to be used past simply hypothesis, whereas digital wallets are used to carry and change tokens.
Trump Media didn’t instantly reply to a request for remark asking for extra element about its plans for Fact+.
TMTG is a publicly traded firm that operates Fact Social, a social media app that’s a clone of X, previously often called Twitter. Trump helped finance the platform after numerous social media websites, together with Twitter, kicked him off spreading misinformation and violating their phrases of service.
In March 2024, the corporate holding Fact Social, TMTG, went public and shortly achieved a market capitalization of just about $8 billion, despite the fact that its income was paltry compared to equally valued firms. The agency is value $5.5 billion, as of Wednesday night.
In January, TMTG introduced it was launching Fact.fi, its personal fintech vertical that plans to take a position a few of its money in Bitcoin and different cryptocurrencies. It additionally just lately introduced its intentions to launch its personal crypto exchange-traded funds, or ETFs, in partnership with the crypto change Crypto.com.
Fact.fi and doubtlessly Fact+’s “utility token” are simply two merchandise within the Trump household’s rising crypto empire. There are NFTs, memecoins, a decentralized finance software known as World Liberty Monetary, a stablecoin, a Bitcoin mining enterprise, and a deliberate Trump-themed actual property online game.
The flurry of crypto ventures comes amid the Trump administration’s simultaneous pro-crypto regulatory agenda. For the reason that forty seventh president took workplace, he’s licensed the creation of a strategic Bitcoin and digital property reserve, invited the crypto trade elite to the White Home, pushed for stablecoin laws, and presided over the defanging of crypto investigatory items all through the federal authorities.
This story was initially featured on Fortune.com
