Trump Media & Technology Group, Donald J. Trump’s social media company, is reportedly considering developing a cryptocurrency payment service. A trademark application filed this week suggests a potential expansion of the company’s business beyond its current social media platform, Truth Social. This move highlights the former president’s ongoing engagement with the crypto industry.
The application, filed on Monday, outlines a service named TruthFi. The service is described as a platform that would facilitate crypto payments, provide financial custody services, and enable trading in digital assets. The filing, however, offered few details on the project’s operational specifics or its progress.
This initiative could represent an effort by Trump Media to diversify its revenue streams. Truth Social currently relies heavily on Mr. Trump’s consistent posting of messages to engage his core audience. A large-scale crypto project would likely require Trump Media to acquire another firm due to its relatively small staff of fewer than three dozen employees.
Shares in the crypto trading platform Bakkt experienced a rise after The Financial Times reported that Trump Media was in discussions to acquire it. Bakkt released a statement on Tuesday, stating their policy to not comment on market speculation or rumors. Trump Media has not yet responded to requests for comment.
Following the news surrounding the trademark application, shares of Trump Media saw an increase of approximately 2 percent, reaching $30.65.
