According to last minute developments, US President-elect Donald Trump's company Trump Media is considering creating a cryptocurrency payment service.
Donald J. Trump’s media company appears to be getting into the crypto space. Earlier this week, Trump Media & Technology Group (TMTG) filed a trademark for a service called TruthFi, which is described as a platform for crypto payments, financial custody, and digital asset trading.
The trademark filing offers little detail about TruthFi’s operational plans or development timeline, leaving much to speculation. However, it does reveal TMTG’s intention to expand beyond Truth Social, a social media platform that has struggled to gain significant traction despite Trump’s personal involvement.
Such applications often indicate genuine intent, said Josh Gerben, a trademark attorney based in Washington. “Most of the time, if a client is going to file, something is going on,” he says, adding that companies often file trademarks with plans to move forward in a few years.
To launch a crypto payment service like TruthFi, Trump Media would likely need to acquire additional expertise or assets. This week, speculation emerged that TMTG was in talks to acquire crypto trading platform Bakkt, sending Bakkt’s stock price soaring.
While Bakkt is struggling financially, its established infrastructure could provide a solid foundation for TMTG to enter the crypto market. While neither Trump Media nor Bakkt has directly commented on the rumors, Bakkt did issue a statement saying it was not addressing “market speculation.”
*This is not investment advice.