Trump Media Aims to Launch 'Utility Token' and Digital Wallet for Streaming Service

President Donald Trump’s publicly listed media firm is contemplating the introduction of a "utility token" along with a "digital wallet," as reported. letter The CEO and chairman of the company, Devin Nunes, sent this message to shareholders on Tuesday. Ahead of the annual shareholder meeting scheduled for Wednesday for Trump Media & Technology Group (TMTG), Nunes discussed the firm's growth strategy focused on "proud Americans." He outlined future developments planned for their streaming platform, Truth+.

"He mentioned that as part of a loyalty initiative, they're considering adding a utility token to the Truth digital wallet. This token could first cover expenses related to the Truth+ subscription and eventually extend to various other offerings within the Truth ecosystem," he explained.

Although Nunes did not clarify whether the "utility token" referred to a specific type of cryptocurrency or if the "digital wallet" involved blockchain technology, these phrases are frequently encountered within the crypto sector. Utility tokens are designed by developers with purposes other than trading for profit in mind, whereas digital wallets serve as tools for storing and transferring such tokens.

Trump Media did not promptly reply to requests seeking further information regarding its plans for Truth+.

TMTG is a publicly listed company that runs Truth Social, a social media application which mirrors functionalities similar to those found on X, previously called Twitter. Twitter After several social media platforms, such as Twitter, banned him for disseminating false information and breaching their policies, Trump assisted in funding an alternative platform.

In March 2024, the firm behind Truth Social, TMTG, went public and quickly reached a market valuation of nearly $8 billion , despite its earnings being minimal compared to other firms with similar valuations. The company is currently valued at $5.5 billion, as of late Wednesday.

In January, TMTG announced it was launching Truth.fi, its own fintech vertical that plans to invest some of its cash in Bitcoin and other cryptocurrencies. It also recently announced its intentions to launch its own crypto exchange-traded funds, or ETFs, in partnership with the crypto exchange Crypto.com.

Truth.fi and potentially Truth+’s “utility token” are just two products in the Trump family’s growing crypto empire . There are NFTs, memecoins, a decentralized finance application called World Liberty Financial, a stablecoin, a Bitcoin mining business, and a planned Trump-themed real estate video game .

The surge in cryptocurrency projects coincides with the Trump administration's concurrent supportive regulatory approach towards crypto. Following the inauguration of the 45th President, he has approved the establishment of a strategic Bitcoin and digital asset reserve, welcomed leading figures from thecrypto sector to theWhiteHouse, advocatedforstablecoinregulations,and overseenthe reductionin effectivenessof investigative bodies focusedon cryptocurrencies. federal government .

This tale was initially showcased on Romero.my.id