Trump Media & Technology Group Engages in Cryptocurrency Sector

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Bitcoin’s price dropped to $91,466 today, sparking panic selling among altcoins in the short term. However, the outlook for cryptocurrencies remains positive, especially for the upcoming year. As announced last week, Trump is entering the cryptocurrency market through his company via a second channel. What are the recent developments and emerging details?

TRUTHFI Brand Application

Last week, Trump Media & Technology Group Corp., which operates the Truth Social platform inspired by Twitter, filed a trademark application for “TRUTHFI” with the U.S. Patent and Trademark Office.

According to information shared by the Financial Times, Trump Media & Technology Group is in advanced discussions to acquire Bakkt, a cryptocurrency trading and custody firm supported by Intercontinental Exchange Inc.

World Liberty Financial Project

In addition to TRUTHFI, Trump Media’s interest in potentially acquiring this crypto firm follows the launch of the decentralized finance (DeFi) project World Liberty Financial, initiated by the presidential candidate in September. The TRUTHFI trademark application encompasses various services, including cryptocurrency wallet software, crypto payment processing, digital asset trading, and financial asset management.

Bakkt’s cryptocurrency custody business has been sidelined from discussions due to insufficient market presence and is likely to be shut down. Previously skeptical about Bitcoin and cryptocurrencies, Trump pledged to protect and grow the cryptocurrency sector ahead of the election.

These developments indicate Trump Media’s willingness to take an active role in the cryptocurrency field.

Trump’s support for the cryptocurrency sector could have positive effects on the market. The future of TRUTHFI will depend on advancements in crypto payment systems.

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