Financial Insights That Matter
Truth Social, the social media platform owned by Trump Media & Technology Group (DJT), which is majority-owned by U.S. President Donald Trump, is considering launching a cryptocurrency.
“As part of our rewards program, we’re exploring the introduction of a utility token with a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere,” the company said in a letter to its shareholders on Tuesday.
DJT barely reacted to the news; the stock is down 0.52% in after-hours trading.
The company is also looking into launching exchange-traded funds (ETFs) that will combine equities with cryptocurrencies, the letter reiterated.
Trump’s entourage has released a panoply of crypto products over the years, including memecoins, NFT collections, and a DeFi protocol.
Read more: Trump Media Wants to Partner with Crypto.Com for ETP Issuance
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