President Donald Trump’s publicly traded media firm is contemplating the launch of a “utility token” and “digital pockets,” in response to a letter the corporate’s CEO and chairman Devin Nunes despatched to shareholders on Tuesday. Within the run as much as an annual shareholder assembly on Wednesday for Trump Media & Know-how Group (TMTG), Nunes wrote concerning the firm’s growth of merchandise for “patriotic People,” together with plans for its streaming service Fact+.
“As a part of a rewards program, we’re exploring the introduction of a utility token inside a Fact digital pockets that may initially be used to pay for Fact+ subscription prices, and later be utilized to different services and products within the Fact ecosphere,” he mentioned.
Whereas Nunes didn’t specify whether or not the “utility token” was a cryptocurrency or if the “digital pockets” was blockchain-based, the phrases are frequent within the crypto business. Utility tokens are cryptocurrencies that builders intend to be used past simply hypothesis, whereas digital wallets are used to carry and trade tokens.
Trump Media didn’t instantly reply to a request for remark asking for extra element about its plans for Fact+.
TMTG is a publicly traded firm that operates Fact Social, a social media app that’s a clone of X, previously referred to as Twitter. Trump helped finance the platform after numerous social media websites, together with Twitter, kicked him off spreading misinformation and violating their phrases of service.
In March 2024, the corporate holding Fact Social, TMTG, went public and shortly achieved a market capitalization of just about $8 billion, though its income was paltry compared to equally valued firms. The agency is price $5.5 billion, as of Wednesday night.
In January, TMTG introduced it was launching Fact.fi, its personal fintech vertical that plans to take a position a few of its money in Bitcoin and different cryptocurrencies. It additionally lately introduced its intentions to launch its personal crypto exchange-traded funds, or ETFs, in partnership with the crypto trade Crypto.com.
Fact.fi and doubtlessly Fact+’s “utility token” are simply two merchandise within the Trump household’s rising crypto empire. There are NFTs, memecoins, a decentralized finance utility known as World Liberty Monetary, a stablecoin, a Bitcoin mining enterprise, and a deliberate Trump-themed actual property online game.
The flurry of crypto ventures comes amid the Trump administration’s simultaneous pro-crypto regulatory agenda. Because the forty seventh president took workplace, he’s licensed the creation of a strategic Bitcoin and digital belongings reserve, invited the crypto business elite to the White Home, pushed for stablecoin laws, and presided over the defanging of crypto investigatory items all through the federal authorities.
This story was initially featured on Fortune.com
