Truth Social, the social media network owned by President Donald Trump, announced plans to launch a utility token and digital wallet which will be tied to its social media platform and related services.
In a letter to shareholders of Trump Media & Technology Group (DJT), CEO & Chairman Demi Nunes, said that they were considering the introduction of a crypto token and wallet to aid Truth+ streaming video service.
“As part of a rewards program, we’re exploring the introduction of a utility token within 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 letter read.
Addressing shareholders on the completion of one year since Trump Media went public, the letter goes on to lay out a few plans the group has set for 2025. It plans on offering Truth social platform subscribers an array of Truth+ streaming services and those subscribers then will automatically become verified Truth Social users with a red badge and a Truth+ badge.
Earlier in January, the group announced its newest brand called Truth.Fi, which will be incorporating financial technology and financial services and hopes to launch 2 products by the end of this year. They are looking at customized separately managed accounts (SMA) and customized exchange traded funds (ETFs). The products will focus on a diverse set of companies across multiple industries and the ETFs will offer cryptocurrencies & traditional equities.
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They group plans to invest close to $250 million of the company’s $777 million cash reserve which will be through investments in bitcoin and other cryptocurrencies or crypto-related securities.
The Truth Ecosphere, is not new to the realm of cryptos–President Trump as well as his wife Melania both have meme coins on the Solana Blockchain. Prices of these meme coins came under pressure post the release of the letter on Tuesday.