Trump Media & Technology Group (TMTG) Has Made Public Their Consideration of a Utility Token for a ‘Truth Digital Wallet’

Trump Media & Technology Group (TMTG) has made public their consideration of a utility token for a ‘Truth digital wallet’. The information became known through a letter

The parent company of Trump's social media venture, Trump Media & Technology Group (TMTG), is mulling over the creation of a utility token that could be used for a ‘Truth digital wallet’.

The information comes in a letter to shareholders of TMTG, shared on Wednesday. The crypto would reportedly have an initial use of paying for Truth + subscriptions before potentially expanding to other aspects of the Truth ecosystem.

The company is currently planning to launch a new product, Trump +، which would be a subscription TV streaming service. It is also developing a financial technology brand, named Truth.Fi.

The company's products and services are said to be platforms for free speech, although they have come under criticism for being biased.

Recently, TMTG signed a partnership with Crypto.com and Yorkville America Digital to launch ETF products which combine commodities and cryptocurrencies. The FinTech brand Truth.Fi will be helping to drive this launch.

Trump previously announced an executive order to establish a Strategic Bitcoin Reserve, while the SEC, under the Trump administration, has been moving towards a more open regulatory stance towards the digital assets industry.

Moreover, the Trump family established World Liberty Fi, a venture capital firm focusing on cryptocurrency investments and featuring all three of Trump's sons.

Trump has also come under criticism for a conflict of interest regarding the launch of his own memecoin, TRUMP, while simultaneously setting the stage for crypto policies. The TRUMP memecoin recently offered a dinner with Trump for its top holders.

Senator Jon Ossoff also backed impeaching Trump over an alleged scam to grant memecoin donors early access to Trump.