Trump Media Explores New Crypto Payment Platform TruthFi
Trump Media & Technology Group is pursuing a new crypto payment platform named TruthFi, as revealed in a recent trademark filing. The application, submitted on Monday, includes plans for digital wallets, cryptocurrency payment processing, and digital asset trading.
This development represents a strategic shift for Trump Media, which previously concentrated on its social media platform, Truth Social, launched in 2022 after Donald Trump's ban from major social networks. The expansion into crypto payments indicates an intent to diversify its business model.
Following this announcement, Trump Media’s stock increased by approximately 2%, indicating heightened investor interest. However, specific details regarding TruthFi are scarce, with no timeline or operational plans disclosed. Reports suggest the company may need to acquire additional resources or partner with established firms to implement this initiative, given its current workforce of under 40 employees.
To enhance this venture, Trump Media is reportedly in discussions to acquire Bakkt, a business-to-business crypto trading platform. Since these talks emerged, Bakkt’s shares have risen nearly 140%, reflecting strong market interest in the potential partnership.
This move aligns with President-elect Donald Trump’s broader pro-crypto agenda, gaining traction even before his term begins in January. He is also interviewing candidates for the first-ever crypto advisor role in the White House, indicating a shift in regulatory priorities following the resignation of SEC Chair Gary Gensler, viewed as favorable for the crypto industry.
The crypto market reacted positively to these developments, with Bitcoin nearing its highest levels and the overall market cap reaching $3.4 trillion.
Trump Media’s entry into the crypto sector, along with Trump’s supportive policies, suggests a significant change in the U.S. approach to digital assets. If TruthFi successfully launches, it could establish Trump Media as a prominent player in the expanding cryptocurrency landscape.