Trump Media Exploring the Addition of a Utility Token and Digital Wallet for Its Streaming Platform, Truth+

Trump Media & Technology Group is exploring the addition of a utility token and digital wallet for its streaming platform, Truth+, that would allow users to pay for subscriptions.

Trump Media & Technology Group (NYSE:UMP) is exploring the addition of a utility token and digital wallet for its streaming platform, Truth+, that would allow users to pay for subscriptions, according to a letter to shareholders from CEO and Chairman Devin Nunes.

Among a number of crypto-related innovations proposed by the company for users within what the firm deems as a ‘Truth ecosphere,’ the firm is planning to introduce a rewards program with its own utility token for its streaming service, Truth+.

The idea of a Truth+ digital wallet and token aligns with the company’s broader plan to monetize Truth+ through advertising revenue and a subscription package that offers viewers premium content.

“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere,” wrote Nunes.

If implemented, users could use the Truth utility token to make payments for various other products and services linked to Trump Media, potentially including the company’s social media platform Truth Social and its financial technology and financial services branch Truth.Fi.

Earlier this year, Trump Media also announced its partnership with Crypto.com (CRYPTO: CRO) and asset manager Yorkville America Digital to launch customizable exchange-traded funds (ETFs) that would be backed by cryptocurrencies.

The company plans to launch two financial products this year through Truth.Fi, one of which will be the creation of customizable ETFs that will offer both cryptocurrencies and traditional equities, according to the letter.

To fund these plans, Trump Media said it is prepared to invest as much as $250 million of the company’s cash reserves, Bitcoin (BTC) investments and other cryptocurrencies or crypto-related securities, with custody to be provided by Charles Schwab (NYSE:CVS).

Trump Media and Technology Group went public in March 2024 and at one point reached a valuation of nearly $8 billion. At press time, the company’s market cap stands at more than $5.5 billion.

President Donald Trump has adopted a much more crypto-friendly approach since taking office, rolling out an executive order to create a strategic Bitcoin reserve, pushed for stablecoin legislations and dissolved the National Cryptocurrency Enforcement Unit through the U.S. Department of Justice.

Recently, the team behind the official Trump (TRUMP) meme coins announced that they will be hosting an exclusive dinner with the president for the top 220 holders of the presidential meme coin. Tron (CRYPTO: TRX) founder Justin Sun has already registered, placing his wallet in the top spot.