Trump Media and Technology Group has announced the integration of its Truth Social rewards program with cryptocurrency, allowing users to convert 'Truth gems' into Cronos (CRO) tokens.
Rewards Program and Cryptocurrency
This update, announced on Tuesday, marks a shift for the company which previously floated the idea of launching its own token. Users can now earn Truth gems through various activities and exchange them using Crypto.com's wallet infrastructure.
Withdrawal from Proprietary Token Plans
In April, CEO Devin Nunes stated that the company was considering a utility token and digital wallet to support the Truth+ platform. However, by May, after rumors of a potential 'Truth memecoin' surfaced, Trump Media denied such plans. Donald Trump Jr. also publicly dismissed the speculation.
Long-Term Plans and Cooperation with Crypto.com
This new collaboration with CRO suggests that Trump Media has chosen to partner with an established player rather than build its own token infrastructure. This move avoids complex regulatory issues and gives access to Crypto.com's 100 million registered users. Furthermore, Trump Media has entered a major agreement with Crypto.com for acquiring 684.4 million CRO tokens worth about $105 million.
The integration with Crypto.com positions Trump Media to collaborate with existing cryptocurrencies and could potentially stabilize the company’s revenues while appealing to active investors.
