Trump Media Partners with Crypto.com to Create $6.4B CRO Treasury
Trump Media and Technology Group has partnered with Crypto.com to integrate the CRO cryptocurrency into its Truth Social platform. Key points of the partnership include:
- Launch of Trump Media Group CRO Strategy Inc., merging with Yorkville Acquisition Corp.
- New entity to trade under the ticker MCGA, aiming to hold approximately 6.3 billion CRO tokens, valued at $1 billion.
- Initial funding of $200 million for token purchases, potentially increasing to $420 million with additional commitments and a $5 billion credit line.
- Introduction of a rewards system allowing users to convert platform "gems" into CRO tokens and use CRO for subscription payments and discounts.
- Trump Media will purchase $105 million in CRO, while Crypto.com will buy $50 million in Trump Media stock.
- Trump Media will custody and stake its CRO with Crypto.com for revenue generation.
- CRO price increased from $0.16 to $0.20 following the announcement.