Trump Media to Launch New Cryptocurrency for Shareholders
According to a statement released Wednesday, the digital token will be issued in partnership with crypto exchange Crypto.com and is expected to run on the Cronos blockchain, a network supported by the exchange, as per a Bloomberg report. The company said each shareholder will receive one token for every share they own.
Move Expands Trump-Linked Cryptocurrency Portfolio
The move adds to a growing list of cryptocurrency ventures connected to Trump. World Liberty Financial, a decentralized finance project backed by the Trump family, already operates the WLFI token and the USD1 stablecoin. Earlier this year, Trump also introduced his own TRUMP memecoin, alongside a similar coin promoted by his wife, Melania.
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Donald Trump Set to Receive Largest Share of Tokens
Trump remains the largest shareholder of Trump Media, holding a 41% stake in the company, according to data compiled by Bloomberg. That means he would receive a significant share of the newly issued tokens.
Crypto-Friendly Regulatory Shift Follows Trump’s Return to Office
The announcement comes amid a more favorable regulatory climate for the crypto industry following Trump’s return to the White House in January. Over the summer, new legislation was passed to regulate parts of the sector, and several enforcement actions against crypto companies have been paused or dropped.
Trump Media CEO Devin Nunes said in the statement that, “We look forward to utilizing Crypto.com’s blockchain technology and improving regulatory clarity to implement this first-of-its kind token distribution, reward Trump Media shareholders, and promote fair and transparent markets,” as quoted by Bloomberg.Also read: Mavericks owner dangles $250 million as he pushes Trump to consider a historic third term
Token Will Not Represent Ownership or Cash Value
The company emphasized that the tokens will not represent ownership in Trump Media shares and may not be transferable or exchangeable for cash. However, token holders could receive additional perks, including benefits or discounts tied to Trump Media products.
Crypto Push Part of Broader Trump Media Expansion Plans
The cryptocurrency initiative is one of several new business directions Trump Media has outlined this year. The company has also announced plans involving nuclear fusion, stockpiling other cryptocurrencies, launching financial products, and creating markets for sports wagering, as per the Bloomberg report.
FAQs
What is Trump Media’s new cryptocurrency?
It is a digital token that will be distributed to Trump Media shareholders.
Who is partnering with Trump Media on the token?
The company is working with crypto exchange Crypto.com.