As a seasoned crypto investor with a knack for spotting potential opportunities and a healthy dose of skepticism, I find myself intrigued by Trump Media’s foray into the world of cryptocurrencies. The proposed TruthFi platform seems like an ambitious endeavor, especially considering the company’s current size and resources.
As a crypto investor, I’ve recently learned that Trump Media & Technology Group might be delving into the creation of a cryptocurrency payment platform. This intriguing news comes from a recent trademark application they’ve submitted.
On Monday, a proposal was submitted by Trump Media & Technology Group, detailing their vision for a new platform called TruthFi. This prospective platform intends to facilitate cryptocurrency transactions, safeguard users’ financial assets, and enable digital asset trading.
Trump Media is Expanding Its Services
After the trademark unveiling, shares of Trump Media increased roughly 2%. Currently, it’s being traded at $30.44 per share, marking an almost 75% increase in value so far this year.
Nonetheless, there’s little information available on TruthFi, such as when it will launch or how it operates. This project seems like an extension of Trump Media’s business strategy beyond Truth Social.
I jumped on board with this social media platform in 2022, following the ban of Trump from both Facebook and the previously known Twitter. It seemed like a promising opportunity to engage and invest in an alternative platform for free speech and open dialogue.
Despite having a relatively small team of around 40 employees, setting up a substantial cryptocurrency platform might necessitate Trump Media to secure extra resources or form alliances with already established companies in the field.
In a filing submitted to the United States Patent and Trademark Office on Monday, attorney Josh Gerben mentioned that Trump Media is planning to introduce: Electronic wallets, Services for processing payments using cryptocurrencies, and A platform for trading digital assets. According to Gerben’s post on X (previously Twitter).
According to a previous report from BeInCrypto, it’s being discussed that Trump Media might acquire Bakkt, a business-to-business cryptocurrency trading platform. Since the news broke this week, shares in Bakkt have significantly increased by almost 140%.
It appears that the President-elect’s cryptocurrency initiatives are already gaining momentum ahead of his inauguration in January. There are reports suggesting that he might establish a new position within the White House specifically focused on crypto matters, and he is said to be interviewing various qualified candidates for this role.
This morning, the present Securities and Exchange Commission (SEC) chairman, Gary Gensler, announced his decision to step down prior to the start of Donald Trump’s term. Gensler’s resignation has sparked optimism in the cryptocurrency market, as it suggests a significant shift in the SEC’s regulatory approach.
Significantly, XRP experienced a 7% increase, reaching its peak in almost three years. Meanwhile, Bitcoin approached $99,000, while the combined value of all cryptocurrencies exceeded $3.4 trillion.
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2024-11-22 00:50