Trump Media Company Is Pushing New Venture For Crypto Service

Key Points:

• Trump Media & Technology Group has filed a trademark for TruthFi, a crypto payment service.
• Despite being valued at $6.5 billion, Trump Media company reported only $1 million in revenue in Q3, mostly from Truth Social ads.

Trump Media & Technology Group, the parent company of Truth Social, has submitted an application to the United States Patent and Trademark Office to trademark a new venture called TruthFi, which purports to offer crypto payment services and digital asset trading.

Read more: Crypto Billionaire Fortunes Increase Strongly After Donald Trump’s Win 

Trump Media Company Exploring Crypto Payments With TruthFi Trademark

According to The NY Times, the Trump Media company also signalled that TruthFi would provide financial custody services. Trademark attorney Josh Gerben commented that while companies can file trademarks to hold names for future use, these kinds of applications often signal that something is going to be announced soon.

TMTG is currently valued at $6.5 billion and has been in pains to create a substantial revenue stream. In the third quarter, it registered just slightly above $1 million in revenues from the advertising business on its social media platform, Truth Social. With the platform facing a cracked whip in terms of expansion of its user base and advertising revenues, TMTG is expanding into new business lines to shore up its financials.

Along with the trademark application, there are reports that Trump Media company is in advanced talks to acquire Bakkt, a cryptocurrency exchange. Sources said Bakkt was exploring strategic options with the help of a financial adviser after being founded by the Intercontinental Exchange—owner of the New York Stock Exchange.

Cryptocurrency Market Surges as Trump Secures Backing for Digital Assets EN

The cryptocurrency market has boomed since the November 5 election, with Bitcoin and other digital assets touching new highs. Part of this surge is due to expectations that a positive outcome for the sector could be brought about by Trump’s support for cryptocurrencies.

Meanwhile, the U.S. is reportedly discussing a possible crypto advisory council that will be in charge of developing policies related to digital assets and possibly a national Bitcoin reserve.