President-elect Donald Trump’s media company is reportedly considering the launch of a crypto payment service, as indicated by a recent trademark application filed with the US Patent and Trademark Office.
Exploring New Horizons
The application, submitted on Monday, pertains to a service named “TruthFi,” which is envisioned as a platform for crypto payments, financial custody services, and trading in digital assets, showcasing Trump’s growing engagement with the crypto industry.
While the trademark application lacks specific details regarding the operation and timeline of the proposed service, it suggests that Trump Media & Technology Group aims to diversify its business interests beyond Truth Social, the social media platform that relies heavily on Trump’s continuous engagement with his core supporters.
Given the company’s relatively small size, with fewer than three dozen employees, any significant foray into the cryptocurrency space would likely necessitate acquiring an established firm.
As reported by Bitcoinist earlier this week, Trump Media is also in discussions to potentially acquire Bakkt, a crypto trading platform, which has seen its shares rise following the news. Bakkt has not confirmed these discussions, citing its policy of refraining from commenting on market speculation.
Trump’s Shift Towards Crypto And New Ventures
Trademark attorney Josh Gerben noted that the filing serves as a strategic move for Trump Media to reserve the TruthFi name should it decide to pursue a cryptocurrency venture.
The attorney explained that companies typically file trademark applications with genuine intent to use the name, suggesting that there may be concrete plans in the works.
Currently valued at approximately $6.5 billion, Trump Media reported just over $1 million in revenue in the third quarter, all from advertising on Truth Social. With the platform struggling to attract new users and advertisers, diversifying its revenue streams has become essential for the company’s sustainability.
While Trump does not hold an official role within Trump Media, he owns nearly 53% of its stock, valued at around $3.4 billion, making it his most significant financial asset. His eldest son, Donald Trump Jr., serves on the company’s board, which is composed mainly of individuals loyal to the former president.
Historically a skeptic of cryptocurrency, Trump’s stance has shifted significantly during his presidential campaign, where he began endorsing digital assets. He has indicated that the next leader of the US SEC will adopt a more lenient approach to crypto regulation, moving away from the stringent measures implemented under the Biden administration.
In addition to exploring TruthFi, Trump and his family have recently initiated their own cryptocurrency venture called World Liberty Financial, positioning themselves to benefit from potential regulatory changes that industry executives have advocated for.
Featured image from ABC News, chart from TradingView.com