Trump Media, the social media company of the former President Donald Trump, has revealed potential ambitions for a Bit currency trading and payment service with a new brand profile called "TruthFi."
According to a filing dated November 18 at the United States Patent and Trademark Office (USPTO), Trump Media is seeking a trademark for computer software used as a digital wallet, processing payments for Bit currencies, fiat money, and digital asset trading.
Other parts of this filing mention market analysis data and statistics for financial research, along with financial custodial services, specifically "maintaining ownership of financial assets for others for the purpose of financial management."
Trump Media and Technology Group filed the trademark application on November 18, but approval could still take over a year. Source: United States Patent and Trademark Office
Trademark attorney Josh Gerben of Gerben Intellectual Property also shared a summary post about the filing on November 21, speculating that this indicates TMTG's plans for a Bit currency platform.
"The filing made to the USPTO on Monday shows that Trump Media is planning to provide a digital wallet, Bit currency payment processing services, and a digital asset trading platform," Gerben said.
Source: Josh Gerben
It is unclear how far TMTG, in which Trump has a controlling 53% stake, has progressed in their Bit currency ambitions. So far, TMTG's primary function has been operating the social media platform Truth Social.
The USPTO website states it is currently examining applications filed from April 17 to May 1.
The agency has noted that registering a new trademark can take at least 12 to 18 months, with the potential for delays due to the "complex process."
TinTucBitcoin has reached out to Trump Media and Technology Group for comment.
Trump-backed company continues foray into Bit currencies
On November 18, a Financial Times report stated that TMTG is reportedly in advanced negotiations to acquire the entirety of Bit currency exchange Bakkt, owned by Intercontinental Exchange.
If this deal goes through, it would be another step for Trump-backed businesses attempting to penetrate the Bit currency space.
The Trump family's DeFi platform, World Liberty Financial, launched on September 16. However, the subsequent Token launch did not meet expectations, only reaching over 3.4% of its $300 million target.
The soon-to-be president has also licensed his image for several Non-Fungible Token collections.
Following Trump's victory in last month's election, the Bit currency market has surged, with BTC breaking above $98K and nearing the crucial $100K milestone.
Trump's campaign has made several pro-Bit currency pledges, including ending the hostile regulatory environment for the Bit currency industry and accumulating a strategic BTC reserve.
