Trump Media & Technology Group, a media company founded by US President Donald Trump, who currently holds over 50% of the shares, is accelerating its development strategy in the cryptocurrency field with a series of new initiatives. According to a letter sent to shareholders on April 29, the company revealed plans to introduce a utility token integrated into the Truth digital wallet.
This token will initially be used to pay for Truth+ service subscription fees, and then potentially expand its application to other products and services across the entire Truth ecosystem. This move marks a significant step for Trump Media in integrating blockchain technology into the Truth Social social media platform - a strategic product the company has been pushing recently.
In early April, Trump Media signed a cooperation agreement with the top US cryptocurrency exchange - Crypto.com, along with the Yorkville America Digital asset management company. The agreement aims to launch Exchange Traded Funds (ETFs) and various other financial products through its own fintech brand called Truth.Fi. This brand was submitted for registration in November 2024, with service scope including "downloadable digital wallet software".
The Truth.Fi brand will officially launch in January 2025, right after Trump's re-election. This is seen as part of the President's strategy to expand his influence in the fintech and blockchain sectors. Cryptocurrency initiatives related to Trump are increasing at a dizzying pace, showing his long-term commitment to the digital asset industry.
In recent months, Trump and companies directly connected to him continue to establish many strategic relationships in the crypto industry. ETFs developed in collaboration with Crypto.com are expected to focus on digital assets and securities linked to the "Made in America" criteria. Meanwhile, members of Trump's family are also actively supporting the decentralized financial project World Liberty Financial, where Trump is described as the "main cryptocurrency supporter".
Additionally, in January, Donald Trump officially began promoting the memecoin TRUMP, helping this digital currency reach a market capitalization of up to $2.6 billion. His strong support has driven price and trading volume to surge dramatically, especially after the development team announced that large token holders would have the opportunity to have an exclusive dinner with the President.
However, the TRUMP promotion campaign has also faced criticism from political opponents and ethical activist organizations. Many are concerned about transparency, as some individuals owning the memecoin might gain direct access to an influential figure like Donald Trump. Data from Chainalysis shows that the TRUMP token has generated hundreds of millions of dollars in profits for parties connected to the US President.
