cryptonewsz.com
Trump Media & Technology Group (TMTG) recently submitted a trademark application for a crypto payment platform named “TruthFi.” The filing describes TruthFi as a potential service for facilitating crypto payments. In addition, the platform would assist users in managing digital asset custody, and enabling crypto trading activities.
A Look At Trump Media’s Crypto Venture
The application, filed on Monday, offers limited details about the initiative’s structure or timeline, leaving questions about its progress. However, it signals TMTG’s efforts to expand beyond its existing social media platform, Truth Social, which relies heavily on Donald Trump’s active engagement to sustain its user base.
According to trademark attorney Josh Gerben, the filing may be a strategic step to secure the TruthFi name for future crypto-related operations. “In my experience, most of the time if a client is going to file an application, there is something going on,” Gerben remarked. He added that companies typically aim to use the trademarks they register, according to The New York Times report.
TMTG’s workforce of fewer than 36 employees raises speculation about how it might pursue a large-scale crypto venture. Reports from the Financial Times suggest TMTG is exploring acquisitions, with the company allegedly in discussions to acquire the crypto trading platform Bakkt. Shares in Bakkt surged following these reports. While Bakkt declined to comment directly on the speculation, the firm emphasized that it does not respond to market rumors.
Did Trump Influence The Move?
Trump Media’s valuation stands at $6.5 billion, but its third-quarter revenue totaled just over $1 million, primarily from advertising on Truth Social. With the platform struggling to attract significant new users or advertisers despite Donald Trump’s influence, the company appears to be seeking new revenue streams.
While Trump does not hold a formal position at TMTG, he owns 53% of the company’s shares, amounting to an estimated $3.4 billion stake. His eldest son, Donald Trump Jr., serves on TMTG’s board, which largely comprises individuals loyal to the former president.
Once a vocal skeptic of cryptocurrencies, Donald Trump has shifted his stance. During his presidential campaign, he advocated for the crypto industry and pledged to reduce regulatory oversight. He indicated that the next head of the Securities and Exchange Commission under his administration would adopt a less stringent approach toward crypto regulation.
This year, the Trump family ventured into the crypto market by launching their own project, World Liberty Financial. Industry experts suggest that potential regulatory adjustments under a Trump-led administration could directly benefit such ventures. Meanwhile, Trump Media has yet to issue a public statement about TruthFi or its broader crypto ambitions.