President-elect Donald Trump’s media company is reportedly considering the launch of a crypto payment service, as indicated by a recent trademark application filed with the US Patent and Trademark Office.
Exploring Latest Horizons
The applying, submitted on Monday, pertains to a service named “TruthFi,” which is envisioned as a platform for crypto payments, financial custody services, and trading in digital assets, showcasing Trump’s growing engagement with the crypto industry.
While the trademark application lacks specific details regarding the operation and timeline of the proposed service, it suggests that Trump Media & Technology Group goals to diversify its business interests beyond Truth Social, the social media platform that relies heavily on Trump’s continuous engagement together with his core supporters.
Given the corporate’s relatively small size, with fewer than three dozen employees, any significant foray into the cryptocurrency space would likely necessitate acquiring a longtime firm.
As reported by Bitcoinist earlier this week, Trump Media can be in discussions to potentially acquire Bakkt, a crypto trading platform, which has seen its shares rise following the news. Bakkt has not confirmed these discussions, citing its policy of refraining from commenting on market speculation.
Trump’s Shift Towards Crypto And Latest Ventures
Trademark attorney Josh Gerben noted that the filing serves as a strategic move for Trump Media to order the TruthFi name should it resolve to pursue a cryptocurrency enterprise.
The attorney explained that firms typically file trademark applications with real intent to make use of the name, suggesting that there could also be concrete plans within the works.
Currently valued at roughly $6.5 billion, Trump Media reported just over $1 million in revenue within the third quarter, all from promoting on Truth Social. With the platform struggling to draw latest users and advertisers, diversifying its revenue streams has grow to be essential for the corporate’s sustainability.
While Trump doesn’t hold an official role inside Trump Media, he owns nearly 53% of its stock, valued at around $3.4 billion, making it his most vital financial asset. His eldest son, Donald Trump Jr., serves on the corporate’s board, which consists mainly of people loyal to the previous president.
Historically a skeptic of cryptocurrency, Trump’s stance has shifted significantly during his presidential campaign, where he began endorsing digital assets. He has indicated that the next leader of the US SEC will adopt a more lenient approach to crypto regulation, moving away from the stringent measures implemented under the Biden administration.
Along with exploring TruthFi, Trump and his family have recently initiated their very own cryptocurrency enterprise called World Liberty Financial, positioning themselves to learn from potential regulatory changes that industry executives have advocated for.
Featured image from ABC News, chart from TradingView.com