cryptopotato.com
Truth Social and the company behind it, Trump Media and Technology Group Corp, announced massive adoption news for the $CRO token on two fronts.
The entity linked to the current US President said it will purchase around 2% of the entire token supply by spending around $105 million for 685,427,004 $CRO.
The first press release informs that the Truth Social and Truth+ platforms will introduce a rewards system for their users that will utilize the crypto.com digital wallet infrastructure and adopt $CRO as a utility token.
Both sides have doubled down on their joint collaborations after partnering to provide ETFs earlier this year. Moreover, the two parties plan to expand their partnerships:
“Further planned partnership synergies include providing Truth users the ability to pay for subscriptions and services with their Crypto.com $CRO balance, and providing free or discounted Truth+ subscriptions for users who open a Crypto.com account.”
The news that Trump Media will acquire almost 700,000,000 tokens sent the underlying asset flying. $CRO traded around $0.15 after the most recent market-wide pullback before it skyrocketed to its highest level this year of just over $0.21. It has retraced slightly since then but still stands close to $0.19.
“We are proud to partner with Trump Media, an innovator in digital media, to bring the utility of $CRO to the Truth Social platform. This $CRO integration is a historic moment for the Cronos blockchain and a testament to the loyal community of builders dedicated to broadening access to the benefits and opportunities of crypto,” commented Crypto.com’s co-founder and CEO, Kris Marszalek.
In a separate PR, though, both parties announced the creation of Trump Media Group $CRO Strategy, Inc., which will serve as a digital asset treasury firm “focused on acquisition of the native cryptocurrency token of the Cronos ecosystem.”
It will be majority-owned by Yorkville, Trump Media, and crypto.com and will purchase roughly 19% of the entire $CRO supply ($1 billion worth of the asset).