Key Takeaways
- Truth Social is considering launching a utility token that would act as a reward program and integrate with a digital wallet for subscription payments.
- The company plans to explore ETFs that combine equities with cryptocurrencies.
- Trump’s team has previously introduced crypto products, including meme coins and NFT collections.
Truth Social, a social media platform owned by US President Donald Trump’s company, Trump Media & Technology Group (DJT), is considering launching a cryptocurrency.
According to a letter to shareholders, the company was exploring the launch of a “utility token” for its streaming service, Truth+. The token will be held in a native digital wallet, and users will pay for Truth+ subscriptions using the token. The letter stated:
“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.”
Fintech Brand Truth.Fi
In early April, Truth Media, the company that owns the social media platform Truth Social, inked a deal with leading US-based cryptocurrency exchange Crypto.com and asset management firm Yorkville American Digital to explore the launch of a series of exchange-traded funds (ETFs) through a Fintech brand called Truth.Fi.
The company filed a trademark application last November for Truth.Fi stating that it would offer services for “downloadable computer software for use as a digital wallet.” The President’s media company launched the Fintech brand Truth.Fi in January, a few days after Donald Trump was inaugurated as US president, Trump owned over 50% of Trump Media.
Potential Conflict Of Interest
Currently, Donald Trump is on a launching spree for crypto-related initiatives. The President has launched several crypto initiatives in the last few months using companies directly linked to him. The latest was the ETFs series with Crypto.com, which includes several digital assets and securities with the focus “Made in America.” Members of his immediate family are listed as ambassadors and backers for his DeFi project World Liberty Financial, where he is listed as “Chief Crypto Advocate.”
As Trump soldiers on with the launch of the Trump Media utility token, it will undoubtedly increase concerns about a potential conflict of interest. Critics say his crypto-related initiatives will conflict with his duties. Trump, however, transferred his 59% stake into a trust last December. Critics are also unhappy about Trump’s backing of the WLF project, with some Senators alleging that his influence on policy could benefit World Liberty, which is 60% owned by the Trump family.
Conclusion
Since Trump took office as President of the United States, the list of crypto initiatives associated with his name has continued to increase. Besides the meme coins $TRUMP and $MELANIA, the US First family is also associated with a mining venture, a stablecoin, and a DeFi protocol. Trump isn’t bothered, as critics complain that his role in regulating a sector he also benefits from financially could stir concerns in Washington.
Frequently Asked Questions
What is Truth Social used for?
Truth Social is a media company modeled heavily after Twitter. The platform’s users can make posts (“Truths,” similar to tweets) and share other users’ posts (“ReTruths,” similar to retweets).
Who owns Truth Social?
The platform is owned by Trump Media & Technology Group Corp., an American media and technology company that runs the Truth Social social-media platform and is majority-owned by US President Donald Trump.
How many businesses does Donald Trump own?
According to available statistics, the Trump Organization, an American conglomerate privately owned by Donald Trump, serves as the holding company for most of Trump’s business ventures and investments. Around 250 of its affiliates and subsidiaries use the Trump name.
