Trump Media and Technology Group, the social media conglomerate supported by US President Donald Trump, plans to integrate a crypto token and a portfolio on his video streaming site, Truth +.
“We explore the introduction of a utility token in a Truth digital portfolio which can initially be used to pay the TRUTH +subscription fees, then applied to other products and services in the Ecosphere Truth,” wrote Trump Media CEO, Devin Nunes in a letter of April 29 to shareholders.
He added that the crypto token and the portfolio would be part of a reward program that Trump Media explores through his services, which include the social media social social platform and the truth.fi financial services platform.
Trump Media reported plans for the first time for a potential crypto payment enterprise last November when he filed a brand request from the American patent and brands office for computer software designed to operate as a digital portfolio, allow trading of digital assets and cryptographic payments on Truth.fi.
TRUTH + was launched in October, offering films and programs mainly targeting a politically conservative audience.
Trump Media has signed a binding agreement with the Crypto Exchange Crypto.com and the director of assets Yorkville America Digital to launch funds (ETF) negotiated on the stock market which will include the crypto and the actions “with a made in America focus” to launch on truth.fi.
The company said in January that it planned to invest up to $ 250 million from its cash reserves in a range of financial products, including Bitcoin (BTC) and other cryptographic tokens or titles linked to the crypto, which would be kept by asset manager Charles Schwab.
More conflict of interest potential
The launch of a Trump Media Utility token would only increase the concerns concerning companies related to the president potentially in conflict with his functions. Trump, however, transferred his 59% stake to a trust last December.
In relation: The first 100 days of Trump, the worst in history, despite the promises of Crypto
Trump was also criticized for having supported the cryptographic platform World Liberty Financial, where he is appointed “main defender of the crypto” of the company and draws part of his profits.
Some senators have raised fears that Trump’s influence on the policy of benefiting World Liberty, which belongs to the Trump family 60%.
Trump also received the counterposer for the controversial launch of his same, official Trump (Trump) on January 18 – only two days before returning to the White House.
Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues
