Trump Media and Technology Group (TMTG) appears to be preparing to enter the cryptocurrency market. According to the documents filed by TMTG with the United States Patent and Trademark Office (USPTO) on 11/18, TMTG may be planning to launch a digital wallet, cryptocurrency payment services, and a digital asset trading platform in the future.
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ToggleTruthFi Trademark Application Reveals Cryptocurrency Payment and Asset Trading Platform Ambitions
According to the documents, "TruthFi" is described as a computer software primarily used for digital wallets, cryptocurrency and fiat currency payment processing, and digital asset trading platforms. The application also mentions data services for market analysis related to financial research, as well as financial custodial services "to hold financial assets for others".
Renowned trademark attorney Josh Gerben also shared this application on Twitter, stating that the document indicates TMTG's future plans to provide digital wallets, cryptocurrency payment services, and asset trading platform services. However, it is currently unclear how far along TMTG's plans are. TMTG is primarily responsible for operating Trump's social media platform "Truth Social", and this application seems to represent a business expansion, but it still requires further observation.
Trademark Application Still Requires Time, Needs to Wait 12 to 18 Months
The USPTO states that it is currently reviewing applications submitted between 4/17 and 5/1, which means that TMTG's "TruthFi" trademark may take at least one to one and a half years to be approved. The trademark application process may also be delayed due to its complexity. TMTG has not yet responded publicly to this matter.
TMTG Expands Cryptocurrency Footprint, Negotiates to Acquire Bakkt Exchange
In addition to the trademark application, TMTG has recently been reported to be in talks to potentially acquire the cryptocurrency exchange Bakkt. According to media reports, TMTG is negotiating with the parent company Intercontinental Exchange (ICE) to acquire Bakkt through an all-stock transaction. In fact, the Trump family's cryptocurrency plans have been traceable. On 9/16, they launched their own DeFi platform World Liberty Financial, but the subsequent token issuance did not meet expectations, only raising 3.4% of the target funds.
Trump Expresses Support, Driving the Market, Bitcoin Price Soars
Since Trump previously expressed support for cryptocurrencies and won the presidential election, it has had a huge impact on the market. He also stated that he would fire the SEC chairman Gary Gensler, who has repeatedly suppressed the development of the cryptocurrency industry, and formulate clear regulatory directions, as well as plan to establish a Bitcoin reserve for the United States. He has also authorized the use of his own image in various Non-Fungible Token series. Under his influence, the price of Bitcoin has already broken through $98K and is approaching the $100,000 mark.
TMTG Trademark Application and Bakkt Acquisition, Still Need to Observe the Changes
However, regardless of TMTG's trademark application or the Bakkt acquisition rumor, it is clear that Trump is determined to enter the cryptocurrency market. But from the time of trademark approval to the verification of the acquisition transaction rumor, it may still take some time to know the outcome. Everyone still needs to be cautious and avoid being affected by market hype and falling into risks.
