Donald Trump’s media company is venturing into the cryptocurrency space, planning to launch its own crypto product. Trump Media & Technology Group (TMTG) has submitted a trademark application for a industry-changing cryptocurrency payment service called TruthFi.
After being recently elected as the president of the United States, Donald Trump vowed he would maintain a 53% stake in the organization. In the trademark application, TruthFi is directed to focus on cryptocurrency payment processing, financial management, trading digital assets, and offering custodial services.
This undertakes a strategic methodology for Trump Media, which is diversifying its business line beyond Truth Social, the social media platform nurtured by Trump’s engagement with his loyal supporters. New York Times has reported that the expansion is meant to widen the company’s purview against evolving market demands.
Trademark attorney Josh Gerben from Washington noted that the application filings permit Trump Media to secure the name TruthFi while they pursue opportunities in the crypto sector. It is quite normal for companies to keep a name reserved for a few years to show genuine interest in doing something with it later on.
The approval that may come on this trademark application is sure to reflect the latest evolution of Trump’s appeal for cryptocurrencies as interest rampantly grows. They previously criticized cryptocurrencies but have now aimed to embrace them in an election campaign promising the U.S. will reign supreme over the crypto industry.
Coincidentally, the trademark application arrived after news reports that Trump Media is almost done negotiating to acquire Bakkt, a cryptocurrency tradable company. The discussions could excite the crypto market very much, should the deal finally go through.
With Trump Media’s estimated valuation around $6.5 billion, the company recorded over $1 million in revenue during the third quarter, basically from advertising on Truth Social. While it struggles to gain, beyond Truth Social, new users and advertising revenue, diversification into cryptocurrency could provide some hard-needed new sources of income.
In summary, the TruthFi application proposition by Trump Media is admirable proof of the company’s commitment to adapt and innovate in response to a fast-changing financial ecosystem.
