The media company of U.S. President Donald Trump, named Trump Media & Technology Group, is actively exploring a new project related to cryptocurrency, according to information from a letter sent to shareholders on Tuesday (April 29).
"As part of the rewards program, we are considering introducing a utility token in the Truth digital wallet. This token may initially be used to pay for Truth+ subscription costs and will later be expanded to apply to other products and services in the Truth ecosystem," the letter stated.
Earlier this month, Trump Media, the parent company of the social media platform Truth Social, signed an agreement with the leading U.S. cryptocurrency exchange, Crypto.com, and asset management company Yorkville America Digital, to launch a series of exchange-traded funds and products through its fintech brand, Truth.Fi. Last November, the company filed a trademark application for Truth.Fi, with services including 'downloadable computer software for use as a digital wallet.'
Immediately after taking office, the billionaire president launched the fintech brand Truth.Fi in January. He currently owns more than 50% of Trump Media.
Cryptocurrency initiatives related to Trump are being announced continuously with no signs of slowing down. In recent months, through companies he is directly connected to, the president has established partnerships with Crypto.com to launch ETF funds, which are expected to include various digital assets and securities with a focus on 'Made in America.' His family members also play roles as supporters and ambassadors for the DeFi World Liberty Financial project. Trump is also credited as the 'Major Cryptocurrency Supporter' of World Liberty Financial.
In January, Trump officially promoted the TRUMP memecoin, which had reached a market capitalization of 2.6 billion USD. This memecoin has seen a strong increase in price and trading volume after the development team announced that top token holders would have the opportunity to attend an exclusive dinner with the president.
However, both political opponents and ethical activists have criticized Trump for providing exclusive access to his memecoin buyers. According to Chainalysis, this memecoin has generated hundreds of millions in cryptocurrency profits for entities linked to the president.
At this time, the price of TRUMP has decreased by 11% and is trading at around 13 USD.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
