Trump Media May Be Mulling a Crypto Payment Service
The parent company of Truth Social filed a trademark application for a crypto payment service it called TruthFi.
Donald J. Trump’s social media company is considering developing a cryptocurrency payment service, according to a trademark application filed this week, the latest sign of the president-elect’s embrace of the crypto industry.
Trump Media & Technology Group filed an application on Monday for a service called TruthFi, which it described as a platform for crypto payments, financial custody services and trading in digital assets.
The application was light on details about how the project would work or how close it was to fruition. But the initiative appears to be a bid by Trump Media to diversify its business beyond Truth Social, a social media platform whose business relies on Mr. Trump to continuously post messages to his most loyal supporters.
Any large-scale crypto project would most likely require Trump Media to acquire another firm, given that it has fewer than three dozen employees. This week, shares in the crypto trading platform Bakkt surged after The Financial Times reported that Trump Media was in talks to buy it.