Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent SEC filing from the Truth Social Media team.
Truth Token and Wallet Plans
On the 3rd of August it was reported that Trump Media & Technology Group (TMTG) officially disclosed their plans to bring a digital token and wallet to the Truth brand. The utility wallet and token were part of the latest submission to the U.S. Securities and Exchange Commission (SEC) and follows on from the hints made a number of months ago as part of a concept in a letter to shareholders.
The filing describes the token as part of a “larger rewards program” integrated into a “Truth digital wallet,” initially allowing users to pay for Truth+ subscriptions. As time goes on the token may be capable of being applied to other products and services “in the Truth ecosphere," meaning they are potentially looking at a broader platform-wide utility.
There is no mention of the token being a 'cryptocurrency' but the language suggests blockchain-based infrastructure is likely. The document shows that the token will be integrated into the 'Truth Digital Wallet' as part of a 'larger reward program.' The second-quarter financial report marks the first appearance of the project in public financial documents and is the clearest indication that the token will be considered a core component of the Trump Media & Technology Group's cryptocurrency strategy.
Back in July Trump Media deployed $2 billion into Bitcoin and Bitcoin-related securities to become the fifth-largest public holder of the top cryptocurrency globally. They also raised $2.4 billion back in May as part of a private placement backed by institutional investors and now have $1 billion sitting in restricted cash as collateral for convertible notes, according to the filing. The company also filed for several crypto exchange-traded funds under its Truth.Fi fintech division, including funds tied to Bitcoin, Ethereum, and a “Crypto Blue Chip” index.
CEO Devin Nunes has framed the company’s crypto exposure as a safeguard against what he calls “debanking and other acts of political discrimination” by the traditional financial system and financial censorship by traditional institutions.
Have a great day. @PatouTrading
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