The Trump Media & Technology Group is considering developing a cryptocurrency payment platform, as revealed through a recent trademark filing.
The application, filed by Donald Trump's social media company on Monday, outlines plans for a service called TruthFi. This proposed platform aims to provide cryptocurrency payments, financial custody, and digital asset trading.
Trump Media Expands Services
Following the trademark announcement, Trump Media's stock has risen around 2%. At the time of writing, the stock is trading at $30.44, up nearly 75% this year.
However, details about TruthFi remain scarce, including its launch timeline or specific operational aspects. This initiative reflects Trump Media's efforts to expand its business model beyond Truth Social.
This social media platform was established in 2022, after Trump was banned from accessing Facebook and X (formerly Twitter).
However, launching a large-scale cryptocurrency platform may require Trump Media to seek additional resources or partner with an established company. This is because the company currently has fewer than 40 employees.
"The filing, submitted to the USPTO on Monday, indicates that Trump Media plans to provide: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform," U.S. Trademark Attorney Josh Gerben wrote on X.
As previously reported by TinTucBitcoin, Trump Media is also in discussions to acquire the b2b cryptocurrency trading platform Bakkt. Bakkt's stock has risen nearly 140% since this news last week.
Meanwhile, the president-elect's cryptocurrency plans appear to be moving forward aggressively even before he takes office in January. Additionally, he is also considering appointing the first-ever White House cryptocurrency advisor and interviewing several potential candidates.
Earlier today, current SEC Chair Gary Gensler announced his resignation before Trump's term begins. Gensler's departure has boosted the cryptocurrency market, signaling a significant shift in the SEC's legal approach.
Notably, XRP has risen 7% to a three-year high. Bitcoin is also approaching $99K, as the global cryptocurrency market capitalization reaches $3.4 trillion.
