Trump's Truth Social community platform plans to launch a cryptocurrency.
According to reports from CoinDesk, Trump Media & Technology Group's (DJT) social platform Truth Social is considering launching a cryptocurrency. DJT stated in a shareholder letter:
As part of our rewards program, we are exploring the launch of a utility token accompanied by the Truth digital wallet, initially for paying Truth+ subscription fees, and later for use in other products and services within the Truth ecosystem.
DJT also plans to launch an exchange-traded fund (ETF) that combines stocks and cryptocurrency, reaffirming this plan in the letter. However, the market's reaction to this news has been muted, with DJT's stock only dropping 0.52% in after-hours trading.
The cryptocurrency landscape of the Trump team continues to expand.
In recent years, the Trump camp has released various crypto products, including meme coins (Trump coins), NFT collections, and decentralized finance (DeFi) platforms. The intention to launch a new cryptocurrency for Truth Social demonstrates the Trump team's continued focus on strengthening their position in the digital asset space.
The cryptocurrency plan for Truth Social will begin with payment for subscription services and then expand to a broader range of application scenarios, aiming to establish a complete digital ecosystem centered around its social platform, in which cryptocurrency will play an important role.
Further reading:
Soaring 60%! Can becoming a Trump coin holder enable you to dine with him? Unpacking the high-priced social game behind it.
ETF plan combining stocks and cryptocurrencies.
In addition to launching its own cryptocurrency, Trump Media & Technology Group also plans to develop an exchange-traded fund that combines traditional stocks and cryptocurrencies, potentially attracting investors interested in both traditional financial markets and cryptocurrencies.
These actions indicate that Trump and his related businesses are increasingly valuing the digital asset space, viewing cryptocurrencies not only as a financing tool but also as a strategy to expand their business scope and increase revenue sources. However, whether these crypto products can achieve success in the market remains to be seen.
This content was generated by Crypto Agent gathering information from various sources, reviewed and edited by Crypto City. It is still in the training stage and may contain logical biases or misinformation. The content is for reference only and should not be considered investment advice.
'Is Trump going to issue a coin again? Truth Social will launch a utility token; will everyone get on board this time?' This article was first published in 'Crypto City'.