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Trump Media Eyes Utility Token for Truth Social Ecosystem
- Trump Media & Technology Group (TMTG) has released a letter to shareholders which hints at a utility token.
- The introduction of a utility token within a Truth digital wallet is being considered and could be used to pay for Truth + subscriptions.
- Truth + is a TV streaming service controlled by TMTG.
- This marks a continued expansion into the crypto industry by TMTG, following their signed ETF partnership with Crypto.com through Truth.Fi.
Trump Media & Technology Group (TMTG) has made public their consideration of a utility token for a ‘Truth digital wallet’. The information became known through a letter published to shareholders of TMTG.
The crypto would reportedly have an initial use of paying for Truth + subscriptions before potentially expanding to other aspects of the Truth ecosystem.
Additionally, as part of a rewards program, we’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere.
Devin Nunes, CEO and Chairman of Trump Media & Technology Group. What is Encompassed Within TMTG
Trump Media & Technology Group is the parent media company of a number of products and services within the media and technology sphere. This includes Truth Social – a social media platform, Truth + – a TV streaming service, and Truth.Fi – a brand which incorporates financial services and technology.
TMTG marks an expansion of technology infrastructure under Trump, however while TMTG maintains their products and services are platforms for free speech, TMTG products have come under criticism for their biased nature.
TMTG’s and Trump’s Broader Expansion Into Crypto
TMTG recently signed a partnership involving Crypto.com and Yorkville America Digital. The partnership plans to launch ETF products which include commodities as well as cryptocurrencies. The FinTech brand Truth.Fi is set to help drive this launch into reality.
Trump previously announced an executive order to establish a Strategic Bitcoin Reserve, while the SEC under the Trump administration has been progressing a more friendly regulatory stance towards the digital assets industry.
Related: Yes, Please: Arizona Passes First State-Level Bitcoin Bill to Establish Strategic Reserve
Additionally, the Trump family established World Liberty Fi. The venture operates an investment vehicle for the crypto industry and involves all three of his sons.
Trump has also launched his own memecoin TRUMP, as well as a number of NFT collections. Meanwhile, Trump’s wife Melania launched her own memecoin named MELANIA.
Trump has come under criticism for a conflict of interest regarding the launch of his own memecoin, while concurrently setting the tone for crypto policies. The TRUMP memecoin recently offered a dinner with Trump for its top holders.
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Related: Senator Jon Ossoff Backs Impeaching Trump Over Memecoin Access Scandal
Author
Matthew Sell
Matthew is an avid writer with a wealth of experience in the blockchain and FinTech industries. Matthew has also honed his writing skills through his tertiary studies in creative writing at the University of Oxford.
