Trump Media & Technology Group is considering launching a crypto token

Trump Media & Technology Group (TMG), the company behind former President Donald Trump's social network Truth Social, is planning to launch its own cryptocurrency token and digital wallet, reports Bloomberg.

The report, which cites unnamed sources familiar with the matter, says the new asset will be part of a broader rewards program that is set to be introduced at TMG's annual meeting on Wednesday. The token could be used to pay for subscriptions to Truth+ streaming services before expanding to other offerings within the company's ecosystem.

Other components of the ‘Truth ecosphere’ include Truth Social and recently launched financial technology (fintech) platform, Truth.Fi. The latter is developing investment products with an ‘America-First’ theme and aims to combine cryptocurrencies and traditional assets in custom exchange-traded funds (ETFs) by the end of the year.

The company is still discussing the project and could decide not to move forward with it, one of the sources added.

TMG is known to be a fan of Bitcoin (BTC) and similar assets. Earlier this year, the company said it may allocate up to $250 million of its cash to Bitcoin and similar assets.

The news comes as prices of Trump-affiliated meme coins have been plummeting. Earlier this week, tokens linked to Donald and Melania Trump fell sharply.

Trump Media is planning to introduce a broader rewards program as part of which it will launch a crypto token and digital wallet to complement its Truth+ streaming service, according to people familiar with the matter.

The token could be used to pay for subscriptions to the Truth+ streaming service before expanding to other offerings within the company’s ecosystem, which includes the Truth Social network and recently launched financial technology platform, Truth.Fi, one of the people said, requesting anonymity because the plans are private.

The company is still discussing the project and could decide not to move forward with it, one of the people added.

Trump Media is planning to announce the rewards program and other initiatives at its annual meeting on Wednesday. The company's chairman and former president, Donald Trump, is expected to speak at the event.

The company's plans to launch a crypto token come as prices of Trump-affiliated meme coins have been plummeting. Earlier this week, tokens linked to Donald and Melania Trump fell sharply.

However, Trump Media has been open about its interest in Bitcoin and similar assets. Earlier this year, the company said it may allocate up to $250 million of its cash to Bitcoin and similar assets.

The firm is also planning to launch a line of Trump-branded investment products, including a Bitcoin ETF and a fund focused on American infrastructure companies, according to a presentation viewed by Bloomberg. These products will be part of Truth.Fi, a new venture that aims to combine cryptocurrencies and traditional assets in custom ETFs by the end of the year.

The company's plans to launch a crypto token and digital wallet are part of its broader strategy to expand its offerings and engage its users.

"We are constantly evaluating new technologies and trends in order to provide our users with the best possible products and services," a Trump Media spokesperson said in a statement. "We are committed to innovating and expanding our ecosystem to meet the evolving needs of our community."

The company's annual meeting is scheduled for 4 p.m. E.D.T on Wednesday and will be streamed live on the Trump Media website and social media channels.

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