📣 Trump Media Takes Aim at Crypto with TruthFi Platform
posted 22 Nov 2024
Trump Media & Technology Group, Donald Trump’s media-focused company, is exploring the creation of its own crypto payment service.
Trump Media & Technology Group has filed a trademark application for TruthFi, a platform intended for crypto payments and digital asset trading.
Trademark Application for TruthFi. Source: Х
While specific details about the project remain limited, the trademark filing strongly suggests that the company is seeking to expand its operations beyond its current offering, Truth Social. However, the company may face scalability challenges, as its workforce of fewer than 30 employees could hinder its ability to secure the necessary approvals.
Following the announcement, Trump Media’s shares rose by 2%, reaching $30.65.
Josh Gerben, an attorney for the company, views the trademark application as a clear indicator of serious plans to enter the cryptocurrency space. He noted, “In my experience, most of the time if a client is going to file an application, there is something going on.”
Despite generating relatively modest revenue, Trump Media is currently valued at approximately $6.5 billion. Donald Trump, while not holding any formal role within the company, owns 53% of its shares, making it his most significant financial asset.
Formerly critical of cryptocurrencies, Donald Trump has shifted to becoming an outspoken supporter. During his recent presidential campaign, he pledged to introduce reforms aimed at fostering a transparent and equitable regulatory framework for the crypto market.
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