The Trump Media & Technology Group is reportedly exploring a foray into Web3 finance – presumably an property custody service. Josh Gerben, a trademark lawyer primarily based in Washington, US, mentioned the trademark utility carrying the serial quantity 98859006 was filed final week. The TMTG primarily oversees Trump’s social networking platform Truth Social.
The TruthFi platform is anticipated to dabble in providers facilitating crypto funds, digital asset buying and selling, and monetary custody providers for digital digital property. As per the report by New York Times, if TruthFi comes into operation, it’s seemingly that Trump’s media organisation might contemplate buying smaller Web3 corporations and onboard individuals conversant in the sector. Earlier this month, a Reuters report claimed that Trump’s media agency was in discussions to accumulate Bakkt, a crypto buying and selling organisation.
After Trump was banned from numerous social networking corporations like Facebook, Instagram, and X (previously Twitter) in 2021, he launched Truth Social to compete with conventional social media platforms and marketed the platform as a promoter of free speech. As of September this 12 months, Trump Media was valued at $3.22 billion (roughly Rs. 27,143 crore), reveals Yahoo Finance. The determine stood at $8.47 billion in March this 12 months.
It seems that the agency is now trying to discover totally different avenues for funding and is planning to enterprise deeper into the crypto sector, the valuation of which presently stands at $3.33 trillion (roughly Rs. 2,80,71,228 crore) as per CoinMarketCap.
The delivery of TruthFi will, nevertheless, not be the primary enterprise into Web3 for Trump, who beforehand known as cryptocurrency a rip-off however determined to go pro-crypto throughout his campaigning. The American multi-billionaire has promised to make the US the “crypto capital of the planet.”
Back in September this 12 months, Trump unveiled a brand new cryptocurrency enterprise named the World Liberty Financial. While the challenge has been marketed as one that might rework DeFi, particulars in regards to the enterprise stay undisclosed by the Trump household.
In April, Trump launched his second NFT assortment after churning out hundreds of thousands of {dollars} from the primary one launched in December 2023.
