President-elect Donald Trump’s media company is reportedly considering launching a cryptocurrency payment service, as evidenced by a recent trademark application filed with the US Patent and Trademark Office.
Explore new horizons
application, Submitted on MondayIt is about a service called “TruthFi”, which is seen as a platform for cryptocurrency payments, financial custody services, and trading in digital assets, showcasing Trump’s increasing involvement in the cryptocurrency industry.
While the trademark application lacks specific details regarding the operation and timeline of the proposed service, it does indicate that Trump Media and Technology Group It aims to diversify its business interests beyond Truth Social, the social media platform that relies heavily on Trump’s continued engagement with his core supporters.
Given the company’s relatively small size, with less than thirty employees, any major foray into the cryptocurrency space would likely require the acquisition of an established company.
like I mentioned By Bitcoinist Earlier this week, Trump Media is also in discussions to potentially acquire Bakkt, a cryptocurrency trading platform, which saw its shares soar following the news. Bakkt would not confirm these discussions, citing its policy of refraining from commenting on market speculation.
Trump turned to cryptocurrencies and new projects
Trademark attorney Josh Gerben noted that the filing is a strategic move for Trump Media to retain the TruthFi name if it decides to pursue a cryptocurrency project.
The lawyer explained that companies usually submit their applications Trademark applications With a real intention to use the name, suggesting that there may be concrete plans in the works.
Trump Media is currently worth about $6.5 billion, and reported just over $1 million in revenue in the third quarter, all from ads on Truth Social. As the platform seeks to attract new users and advertisers, diversifying its revenue sources has become essential to the company’s sustainability.
Although Trump does not hold an official role in Trump Media, he owns approximately 53% of its shares, which are valued at approximately $3.4 billion, making it his most important financial asset. His eldest son, Donald Trump Jr., serves on the company’s board of directors, which consists mainly of individuals loyal to the former president.
Historically, Trump has been skeptical of cryptocurrencies, and his stance changed dramatically during his presidential campaign, as he began to endorse digital assets. He pointed out that Next leader The US Securities and Exchange Commission will take a more lenient approach to regulating cryptocurrencies, moving away from the strict measures implemented under the Biden administration.
In addition to exploring TruthFi, Trump and his family recently launched their own cryptocurrency venture called World Liberty Financial, allowing them to tap into the potential… Regulatory changes Defended by industry executives.
Featured image from ABC News, chart from TradingView.com