Truth Social, owned by Donald Trump, is exploring a cryptocurrency launch linked to a rewards program and subscription payments. The platform is also looking into exchange-traded funds that merge equities with crypto. Despite the latest news, stock prices remain stable. The company’s past crypto ventures include various products like NFT collections and memecoins.
In a recent development, Truth Social, the social media platform backed by Donald Trump, is considering launching its own cryptocurrency as part of a new rewards initiative. The envisioned utility token would be initially tied to subscription payments for Truth+, and might extend to other products and services in the future. This was detailed in a letter to shareholders released on Tuesday.
Interestingly, the stock from Trump’s media group only saw a slight decline of 0.52% in after-hours trading, which suggests the market’s muted reaction to the announcement. Alongside the cryptocurrency venture, there’s also a mention of future exchange-traded funds (ETFs) which aim to mix equities with cryptocurrencies, indicating a broader strategy to engage with the crypto market.
Over the years, Trump’s team has rolled out various crypto-focused products, not limited to memecoins, NFT collections, and even a decentralized finance protocol. This ongoing expansion into the digital currency arena signifies their commitment to leveraging crypto technologies.
Additionally, reports suggest that Truth Social is looking to partner with Crypto.com to facilitate these new exchange-traded products (ETPs). This potential partnership indicates a significant move towards integrating cryptocurrency in a manner that appeals to their audience, a clear example of mainstreaming digital assets in social media.
As they move forward with these plans, it’s clear Trump Media & Technology Group is not backing down from exploring the rapidly evolving landscape of cryptocurrency and blockchain technologies. It remains to be seen how these initiatives will resonate with users and investors—but all eyes will certainly be on the developments to come from Truth Social’s ongoing efforts in the crypto space.
