coinidol.com
In a landmark deal that merges technology, media, and cryptocurrency, Trump Media & Technology Group (DJT) has announced a strategic partnership with Crypto.com.
The collaboration will create a new entity, Trump Media Group $CRO Strategy, Inc., a digital asset treasury company focused on acquiring and holding $CRO, the native token of the Cronos blockchain.
As part of the mutual cooperation agreement, Trump Media will integrate Crypto.com's digital wallet infrastructure into its platforms, Truth Social and Truth+. This will enable a new rewards system where users can earn "gems" for engagement and convert them into $CRO tokens and other benefits.
This is a pioneering move to directly onboard a social media user base onto a blockchain ecosystem, potentially exposing millions to the utility of digital currencies.
A joint venture
To cement the partnership, Trump Media will purchase approximately $105 million in $CRO for its balance sheet. In a reciprocal move, Crypto.com will acquire $50 million in common stock of Trump Media, according to the report.
Both companies' holdings will be subject to a one-year lock-up period, followed by a three-year restrictive release schedule. This joint venture is a strong signal that both companies believe in the long-term value and utility of the Cronos blockchain for building the "future American digital economy."
From negativity to positivity
Trump Media & Technology Group Corp. is an American media and technology company that is majority-owned by Donald J. Trump.
It is worth noting that Donald Trump was sceptical about cryptocurrencies during his first term as U.S. President. On July 11, 2019, Trump posted a tweet attacking Bitcoin and other cryptocurrencies, saying that their value is “based on thin air”, as reported by Coinidol.com. However, Donald Trump has now become one of the most crypto-friendly politicians.