Trump Media Files for ‘TruthFi’ Trademark to Offer Crypto Services

The group that operates the social media platform Fact Social has utilized to trademark the title “TruthFi” in anticipation of making a digital forex fee service.

Trump Media and Know-how Group (TMTG) is primarily owned by U.S. President-elect Donald Trump, who promised to help crypto adoption throughout his presidential marketing campaign.

Trump Media to Develop Enterprise with Digital Pockets Software program

Based on a latest New York Instances report, TMTG plans to create a crypto and digital pockets service pending the approval of its trademark utility. Particulars from the November 18 filing present the corporate is growing a platform named TruthFi, described as “downloadable pc software program” to be ostensibly used as a digital pockets.

The applying paperwork have little to no data on how the challenge would work or when it could launch. Nonetheless, companies talked about within the submitting embody crypto funds, monetary asset administration, digital asset buying and selling, and card fee processing.

TMTG could possibly be trying to develop its operations past Fact Social, a social media community that has been dwelling off Trump’s connection together with his supporters. The entity is attempting to fend off rumors sparked by a September Washington Publish article that it’s struggling financially.

In August, the corporate introduced that it had misplaced greater than $16 million in Q2 2024 and had made lower than $1 million in income.

President-elect Trump, the bulk shareholder of Fact Social, was initially unable to promote his 114 million shares attributable to a lockup association that started when TMTG went public in March this yr by means of a merger.

Though the lockup interval expired in late September, Trump posted on the social media platform that he wouldn’t promote any shares and known as for related authorities to analyze these spreading the rumors.

Trump Media shares rose almost 2% to $30.65 following the trademark submitting, pushing the corporate’s present worth to $6.5 billion.

WLFI Tokens But to Attain Gross sales Targets

Elsewhere, token gross sales belonging to a different Trump-fronted crypto challenge, World Liberty Monetary (WLF), are nonetheless in low demand. The token, WLFI, is reportedly behind its revised goal gross sales by about 32%, having bought a meager 1.35 billion tokens, or 2% of its preliminary purpose.

Whereas the WLF improvement group had promised to promote about 63 billion tokens to the general public, poor efficiency compelled them to chop the goal to 35 billion.

Later, the group lowered the goal additional to twenty billion, with the challenge’s newest filing with the Securities and Trade Fee (SEC) exhibiting the quantity was dropped much more to simply 2 billion.

Demand for WLFI has been sluggish for the reason that launch day, with information from a Dune analytics dashboard exhibiting that solely 5 addresses account for nearly 25% of the whole token gross sales.

Even with Trump’s victory within the November election, solely $5.74 million price of WLFI tokens have been bought.

This could possibly be a priority for traders, because the win has positively impacted the broader crypto market, inflicting surging runs which have culminated in new all-time highs for a number of cryptocurrencies, together with Bitcoin and Solana.