Trump’s Truth Social platform is reportedly entering into an exclusive partnership with Crypto.com to launch a social media prediction platform, as per an official press release. Through the agreement, Truth Social users will get access to embedded prediction markets.
The update comes after Binance’s founder Changpeng Zhao was found to have a minority stake in a prediction platform through an investment secured through YZi Labs, which he co-owns with Yi He.
As of now, the two biggest prediction markets in the industry are Polymarket, which is managed by CEO Shayne Coplan, and Kalshi, which has managed to secure funding from multiple prominent investment firms such as Sequoia Capital and SV Angel, along with support from Donald Trump Jr, who occupies a strategic advisory role.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” said Trump Media’s Chairman and CEO, David Nunes.
He also said that Truth Predict—the technology that will allow users of the social media platform to access trading contracts connected to events such as elections, interest rates, and other crucial happenings—should provide unique ways for people to compare predictions.
Although investments in prediction markets by notable business figures are on the rise, they are known for their fair share of troubles.
In 2022, Polymarket was booted from America by federal regulators after the CFTC alleged that it was operating unregistered contracts. Shayne Coplan said in September that the company had been given the green light to go live in the U.S market again.
Its rival—Kalshi—now faces pressure in New York, where it has filed a lawsuit against the state’s gaming commission which says the company is offering sports betting services without a license.