Trump Media and Technology Group, which manages the Truth Social platform, has announced plans to launch a new initiative for buying CRO tokens worth $6.4 billion.
New Initiative by Trump Media
The company Trump Media Group CRO Strategy, Inc. plans to acquire about 19% of the total supply of CRO tokens that drive the Cronos blockchain. This initiative aims for significant investments in digital assets.
CRO Token Integration in Truth Social
Moreover, the integration of the CRO token with the Truth Social and Truth+ platforms was confirmed. The token will be used in a new rewards program for users and will be supported by Crypto.com’s wallet technology. Users will be able to pay for subscriptions and services using their CRO tokens, as well as receive free or discounted subscriptions to Truth+ when opening an account with Crypto.com.
Market Response to the Announcement
The announcement regarding Trump Media sparked a sharp price increase for the CRO token, which rose from $0.15 to $0.21, reaching its highest level this year. In the first phase, Trump Media plans to spend $105 million to purchase around 685 million CRO tokens.
Trump Media's initiative to acquire CRO tokens highlights the growing integration of digital assets into traditional media formats, demonstrating the potential for collaboration within the blockchain sector.
