Trump Media & Technology Group is considering developing a cryptocurrency payments platform, as revealed by a recent trademark filing.
The application, filed by Donald Trump’s social media company on Monday, outlines plans for a service called TruthFi. The proposed platform aims to provide cryptocurrency payments, financial custody, and digital asset trading.
After the announcement trademarkTrump Media shares rose about 2%. At the time of writing, shares are trading at $30.44, up nearly 75% this year.
However, details about TruthFi are still scarce, including a launch timeline or specific operational aspects. This initiative shows Trump Media’s efforts to expand its business model beyond Truth Social.
This social networking platform was established in 2022, after Trump was banned from Facebook and X (formerly Twitter).
That said, launching a large-scale cryptocurrency platform may require Trump Media to add additional resources or partner with an established company. The reason is that the company currently has less than 40 employees.
“The filing, filed with the USPTO on Monday, indicates that Trump Media plans to offer: A digital wallet, a cryptocurrency payment processing service, and a digital asset trading platform,” American Trademark Attorney Josh Gerben write on X.
As previously reported by TinTucBitcoin, Trump Media is also in discussions to acquire b2b cryptocurrency trading platform Bakkt. Bakkt shares have increased nearly 140% since this news last week.
Meanwhile, the President-elect’s crypto plans appear to be in full swing even before he takes office in January. Additionally, he is also considering a role as a crypto advisor first for the White House and interviewed several potential candidates.
Earlier today, current SEC chairman Gary Gensler announced his resignation before Trump’s term began. Gensler’s resignation boosted the cryptocurrency market, signaling a major change in the SEC’s regulatory approach.
Notably, XRP rose 7% to a three-year high. Bitcoin is also approaching 99K USD, when the global cryptocurrency market capitalization reaches 3.4 trillion USD.
