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Breaking News: US Lawmakers Urge SEC To Allow Crypto Investments In 401(k) Plans
Trump

Trump Media Explores Crypto Payment Service With New Trademark Application – Details

Ronaldo Marquez
by Ronaldo Marquez
9 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

President-elect Donald Trump’s media company is reportedly considering the launch of a crypto payment service, as indicated by a recent trademark application filed with the US Patent and Trademark Office. 

Exploring New Horizons

The application, submitted on Monday, pertains to a service named “TruthFi,” which is envisioned as a platform for crypto payments, financial custody services, and trading in digital assets, showcasing Trump’s growing engagement with the crypto industry.

Related Reading: Victory For Crypto: SEC Chair Gary Gensler’s Departure Set For January 20, 2025

While the trademark application lacks specific details regarding the operation and timeline of the proposed service, it suggests that Trump Media & Technology Group aims to diversify its business interests beyond Truth Social, the social media platform that relies heavily on Trump’s continuous engagement with his core supporters.

Given the company’s relatively small size, with fewer than three dozen employees, any significant foray into the cryptocurrency space would likely necessitate acquiring an established firm. 

As reported by Bitcoinist earlier this week, Trump Media is also in discussions to potentially acquire Bakkt, a crypto trading platform, which has seen its shares rise following the news. Bakkt has not confirmed these discussions, citing its policy of refraining from commenting on market speculation.

Trump’s Shift Towards Crypto And New Ventures

Trademark attorney Josh Gerben noted that the filing serves as a strategic move for Trump Media to reserve the TruthFi name should it decide to pursue a cryptocurrency venture. 

The attorney explained that companies typically file trademark applications with genuine intent to use the name, suggesting that there may be concrete plans in the works.

Currently valued at approximately $6.5 billion, Trump Media reported just over $1 million in revenue in the third quarter, all from advertising on Truth Social. With the platform struggling to attract new users and advertisers, diversifying its revenue streams has become essential for the company’s sustainability.

While Trump does not hold an official role within Trump Media, he owns nearly 53% of its stock, valued at around $3.4 billion, making it his most significant financial asset. His eldest son, Donald Trump Jr., serves on the company’s board, which is composed mainly of individuals loyal to the former president.

Related Reading: Senator Lummis Pushes For Bitcoin Strategic Reserve: Proposes Gold Sale As Funding Source

Historically a skeptic of cryptocurrency, Trump’s stance has shifted significantly during his presidential campaign, where he began endorsing digital assets. He has indicated that the next leader of the US SEC will adopt a more lenient approach to crypto regulation, moving away from the stringent measures implemented under the Biden administration.

In addition to exploring TruthFi, Trump and his family have recently initiated their own cryptocurrency venture called World Liberty Financial, positioning themselves to benefit from potential regulatory changes that industry executives have advocated for. 

Crypto
The daily chart shows the total crypto market cap valuation at $3.2 trillion. Source: TOTAL on TradingView.com

Featured image from ABC News, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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