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Trump’s Truth Social Ditches Own Token Plan – Adds $CRO Instead

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Trump Media and Technology Group Corp. (TMTG), the corporate behind Truth Social, has shifted path on its digital asset technique, opting to combine Crypto.com’s Cronos (CRO) token fairly than launching its personal utility token.

The replace, introduced Tuesday, introduces a series of recent options to the Truth Social platform, together with premium instruments for subscribers to its Patriot Package, the paid tier of Truth+ streaming.

Among the additions are the flexibility to edit posts, schedule content material, save server-side drafts, and entry a model historical past of revealed posts. Group titles and enhanced search capabilities are additionally being rolled out to all customers.

Truth Social Rewards Go Crypto as CRO Replaces In-House Token Plans

A central a part of the discharge is the enlargement of Truth Social’s rewards program. Under the brand new system, customers can earn “gems” for exercise throughout Truth Social and Truth+.

These gems can now be transformed into Cronos (CRO) by Crypto.com’s digital pockets infrastructure, giving individuals the choice to redeem these gems for a tradable cryptocurrency fairly than a proprietary Trump Media token.

The transfer comes months after TMTG indicated plans to launch a local utility token. In April, CEO Devin Nunes told shareholders that the company was considering a token that could possibly be used to pay for subscriptions to Truth+ and doubtlessly develop throughout the broader Truth ecosystem.

The proposal stopped wanting describing the asset as a cryptocurrency, however the language echoed blockchain terminology. At the time, Nunes stated the token would assist a rewards program tied to the Patriot Package.

In July, Truth Social confirmed the testing of a digital rewards system, with Patriot Package subscribers in a position to accumulate gems based mostly on platform exercise.

A put up from the corporate urged these rewards would ultimately hook up with a utility token. That plan has now shifted, with Crypto.com’s Cronos changing into the digital foreign money behind this system.

Trump Media’s shift to CRO comes as the corporate seeks to stability its push into digital belongings with regulatory warning.

Unlike a self-issued token, partnering with a longtime alternate and blockchain supplier provides Truth Social entry to current infrastructure whereas avoiding the dangers of launching and sustaining its personal cryptocurrency.

Truth Social trades publicly below the ticker DJT. Following a March 2024 itemizing, the agency was valued at almost $8 billion. Its market capitalization at present sits round $5.5 billion.

Despite restricted revenues, the corporate has maintained momentum by model recognition, its affiliation with U.S. President Donald Trump, and enlargement into streaming through Truth+.

The firm additionally operates Truth.Fi, a fintech division launched in January to pursue investments in Bitcoin and different cryptocurrencies as a part of a broader digital finance technique.

TMTG has beforehand described its mission as constructing a platform to counter what it calls “Big Tech censorship,” with Truth Social positioned as a substitute for mainstream social networks.

Trump Media Strikes $105M Deal With Crypto.com as Pro-Crypto Push Expands

TMTG, the mum or dad firm of Truth Social, has finalized a $105 million cope with Crypto.com to buy 684.4 million Cronos (CRO) tokens as a part of a joint treasury technique.

The settlement, introduced Friday, combines money and inventory, with tokens bought at roughly $0.153 every. The CRO tokens and TMTG shares exchanged shall be topic to a lockup interval.

The transfer follows the launch of the Trump Media Group CRO Strategy, a three way partnership between TMTG, Crypto.com, and Yorkville Acquisition, which plans to build a $6.4 billion CRO treasury.

Truth Social customers might ultimately acquire entry to CRO by a rewards program. CRO has climbed greater than 66% because the treasury initiative was first unveiled in August, buying and selling close to $0.27 on the time of writing.

The partnership reveals Trump’s deepening ties with the crypto sector. Earlier this 12 months, TMTG filed with the U.S. Securities and Exchange Commission (SEC) to launch a Truth Social Bitcoin and Ethereum ETF, with Crypto.com serving as custodian.

The ETF, which might allocate 75% to Bitcoin and 25% to Ethereum, stays below SEC overview after regulators prolonged the deadline to October 8.

TMTG has additionally positioned itself among the many largest company Bitcoin holders, with about 18,430 BTC valued at $2.1 billion, along with $300 million in options. That holding ranks it sixth globally, forward of Tesla and Coinbase.

Trump’s increasing $1.2 billion crypto empire has drawn each trade assist and political criticism.

Crypto firms and buyers have donated over $26 million to his campaign in 2024, together with main contributions from Blockchain.com, Gemini, Andreessen Horowitz, and Paradigm.

Critics, nevertheless, warn of conflicts of curiosity because the administration advances sweeping digital asset insurance policies whereas family-linked ventures revenue throughout stablecoins, meme cash, and mining tasks.

The put up Trump’s Truth Social Ditches Own Token Plan – Adds $CRO Instead appeared first on Cryptonews.

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