Trump Media & Technology Group is exploring the addition of a utility token and digital wallet for its streaming platform, Truth+, that would allow users to pay for subscriptions.
According to a letter addressed to shareholders, CEO and Chairman of Trump Media Devin Nunes declared the platform is considering a number of crypto-related innovations for users within what the firm deems as a ‘Truth ecosphere.’ Among those proposed features, the company is considering the addition of a rewards program involving its own utility token for its streaming service, Truth+.
The concept of a Truth+ digital wallet and token aligns with the company’s future plan to monetize Truth+ through advertising and a subscription package that offers users premium content.
“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere,” wrote Nunes.
If implemented, users would be able to use the Truth utility token to pay for various other products and services linked to Trump Media, potentially including the company’s social media platform Truth Social and its financial technology and financial services branch Truth.Fi.
Trump Media’s other crypto-related ventures
Aside from the digital wallet and utility token consideration, the company plans to launch two financial products within this year through Truth.Fi, one of which is the creation of customized exchange-traded funds or ETFs. The letter stated that the Truth.Fi’s ETFs would offer both cryptocurrencies and traditional equities.
As previously reported by crypto.news, Truth.Fi has established a partnership with Crypto.com and asset manager Yorkville America Digital to launch its own customizable crypto-backed ETFs.
To bring these proposed plans into reality, Trump Media is prepared to invest as much as $250 million of the company’s cash reserves, Bitcoin (BTC) investments and other cryptocurrencies or crypto-related securities, with custody provided by Charles Schwab.
Trump Media and Technology Group became a publicly traded company in March 2024 and once reached a valuation nearing $8 billion. At press time, the company’s market cap currently stands at more than $5.5 billion.
Since taking office, President Donald Trump has adopted a much more crypto-friendly approach compared to the Biden administration. So far, the Trump administration has issued an executive order to create a strategic Bitcoin reserve, pushed for stablecoin legislations and dissolved the National Cryptocurrency Enforcement Unit through the U.S. Department of Justice.
Most recently, the team behind the official Trump (TRUMP) meme coins announced that it will be holding an exclusive dinner with the president for the top 220 holders of the presidential meme coin. Tron founder Justin Sun has already registered, placing his wallet in the top spot.
