The Trump Media & Technology Group has recently filed trademark applications to explore the development of a cryptocurrency payment platform.
The application filed by Donald Trump's social media company on Monday outlines plans for a service called TruthFi. The 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 price rose by around 2%. At the time of writing, the stock is trading at $30.44, up nearly 75% this year.
However, details on TruthFi are scarce, and no timeline or operational specifics have been revealed. This initiative suggests that Trump Media is seeking to expand its business model beyond Truth Social.
The social media platform was launched in 2022 after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, to launch a large-scale cryptocurrency platform, Trump Media may need to secure additional resources or partner with existing companies, as it currently has a small workforce of fewer than 40 people.
"The application filed with the USPTO on Monday indicates that Trump Media plans to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform." - Josh Gerben, U.S. trademark attorney, posted on X (formerly Twitter).
As previously reported by BeInCrypto, Trump Media is also in discussions to acquire the B2B cryptocurrency trading platform Bakkt. Following this week's news, Bakkt's stock price has surged by nearly 140%.
Meanwhile, the president-elect's cryptocurrency plans appear to be well underway even before his inauguration in January. He is also reportedly considering the role of the White House's first cryptocurrency advisor and has been interviewing several candidates.
This morning, the current SEC Chair, Gary Gensler, announced his resignation. Gensler's departure is expected to signal a significant shift in the SEC's regulatory stance, which has buoyed the cryptocurrency market.
Notably, XRP surged by 7%, reaching a 3-year high, while Bitcoin approached $99,000, and the overall cryptocurrency market capitalization reached $3.4 trillion.
