Trump Media proposes crypto wallet and token to power Truth Social ecosystem
TMTG announced plans to invest $250 million into crypto products
Executives at Trump Media and Technology Group (TMTG) have issued a letter to shareholders outlining the need for a proprietary utility token and crypto wallet to drive the growth of the Truth+ video streaming service and the broader Truth.Fi ecosystem.
The media group first hinted at its crypto ambitions in November 2024 when it filed a trademark application with the U.S. Patent and Trademark Office. TMTG sought to register a trademark for software intended as a digital wallet, crypto and fiat payment processor, and digital asset trading platform.
Trump’s media company has even signed a formal agreement with cryptocurrency exchange Crypto.com and asset manager Yorkville America Digital to introduce exchange-traded funds (ETFs) involving crypto assets and equities on the Truth.Fi platform.
In the latest shareholder letter, TMTG CEO Devin Nunes shared the origin story of the Truth Social platform and its companion app, Truth+, which offers additional features like an electronic program guide, instant TV browsing, and video-on-demand.
“We are exploring the possibility of integrating a utility token into the Truth digital wallet, which may initially be used to pay for the Truth+ subscription, and eventually be applied to other products and services within the Truth ecosystem,” Nunes wrote.
He also emphasized that both the crypto token and wallet are planned as part of a broader rewards program that Trump Media is developing across its platforms, including Truth Social and the financial service Truth.Fi.
Political tensions rise over Trump’s expanding crypto empire
Previously, TMTG announced plans to invest $250 million into crypto products and services, including boosting its Bitcoin reserves. However, Trump’s involvement in the crypto space is drawing increasing criticism from political opponents.
Trump has already faced backlash for launching his meme coin, TRUMP, just two days before taking office. Analysts and political figures have voiced concerns that the president’s crypto initiatives could interfere with his duties or pose legal risks tied to abuse of power.
If TMTG launches its planned utility crypto token, it may further heighten concerns about potential conflicts of interest surrounding President Trump.
As we wrote, President Donald Trump said Tuesday he has “no intention” to fire Federal Reserve Chairman Jerome Powell, easing investor fears about potential disruptions to U.S. monetary policy.
