Trump Media & Technology Group, the parent company of the Truth Social platform, has entered into an agreement with the crypto exchange Crypto.com to establish a new joint treasury for accumulating CRO tokens.
Agreement and Financial Terms
On Friday, Trump Media announced the purchase of 684.4 million CRO tokens at an approximate price of $0.153 per token, totaling nearly $105 million. The transaction will be conducted as an equal exchange of stock and cash between the companies.
Impact on Truth Social Users
According to the company, this agreement will allow Truth Social users to potentially earn CRO tokens as part of a rewards program. The shares of Trump Media and the CRO tokens exchanged in the deal will be subject to a lockup period, although the exact duration is not specified.
Additional Facts about Crypto.com
Crypto.com CEO Kris Marszalek attended a March summit at the White House where digital assets were discussed. By entering into an agreement with Trump Media, Crypto.com and Yorkville Acquisition aim to establish a $6.4 billion crypto treasury.
The deal between Trump Media and Crypto.com is seen as a deepening of ties between the crypto industry and the Trump administration, amid scrutiny regarding potential conflicts of interest.
