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Trump Media eyes crypto trading with TruthFi trademark filing

Trump Media eyes crypto trading with TruthFi trademark filing

GrafaGrafa2024/11/22 07:00
By:Isaac Francis

Trump Media and Technology Group (TMTG) has revealed its intent to enter the cryptocurrency market through a recent trademark filing for "TruthFi."

The filing, submitted to the United States Patent and Trademark Office (USPTO) on November 18, outlines plans to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.

According to the application, TruthFi will include tools for financial research, market analysis, and custody services for maintaining financial assets.

"The filing...indicates that Trump Media plans to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform," commented trademark attorney Josh Gerben. 

TMTG, where President-elect Donald Trump holds a 53% stake, currently operates the Truth Social platform.

While the filing marks an expansion into the crypto sector, the USPTO has warned that trademark approval could take 12 to 18 months due to procedural complexities.

TMTG’s potential involvement in crypto follows reports of advanced talks to acquire the crypto exchange Bakkt.

If finalised, the acquisition would further solidify Trump Media's presence in the cryptocurrency ecosystem.

In addition, Trump-affiliated ventures have previously made moves in decentralised finance.

Earlier this year, the Trump family launched World Liberty Financial, a decentralised platform, though its token sale fell short, raising only 3.4% of its $300 million goal.

The crypto market has surged since Trump’s election victory, with Bitcoin approaching the $100,000 milestone.

Trump’s campaign included pledges to reduce regulatory barriers for the crypto industry and establish a strategic Bitcoin reserve for the United States.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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