The media company listed on President Donald Trump plans to launch a “utility token” and “digital portfolio”, according to a letter The CEO and president of Devin Nunes sent the shareholders on Tuesday. On Wednesday, in the series of an annual shareholder meeting for Trump Media & Technology Group (TMTG), Nunes wrote on the expansion of products by the company for “patriotic Americans”, including plans for its Truth +streaming service.
“As part of a reward program, we explore the introduction of a utility token in a TRUTH digital portfolio which can initially be used to pay the costs of truth + subscription, then be applied to other products and services in the ecosphere of truth,” he said.
Although Nunes did not specify if the “utility token” was a cryptocurrency or if the “digital portfolio” was based on blockchain, the terms are common in the cryptography industry. Utilitarian tokens are cryptocurrencies that developers intend to use beyond simple speculation, while digital wallets are used to maintain and exchange tokens.
Trump Media did not immediately respond to a request for comments asking for more details on his plans of truth +.
TMTG is a listed company on the stock market which operates Truth Social, a social media application which is a clone of X, formerly known as Twitter. Trump helped finance the platform after various social media sites, including Twitter, launched it to distribute disinformation and violate their service conditions.
In March 2024, the company Holding Truth Social, TMTG, became public and quickly reached a market capitalization of almost $ 8 billion, even if its income was derisory compared to companies in a similar way. The company is worth $ 5.5 billion, starting on Wednesday evening.
In January, TMTG announced that he was launching Truth.fi, his own vertical fintech which plans to invest part of his money in Bitcoin and other cryptocurrencies. He also recently announced his intention to launch his own negotiated funds in exchange for Crypto, or ETF, in partnership with the Crypto Exchange Crypto.com.
Truth.fi and potentially the Truth + “utility token” are only two products in the growing cryptographic empire of the Trump family. There is NFTS, even a decentralized finance request called World Liberty Financial, a Stablecoin, a Bitcoin mining company and a real estate game on Trump's theme.
The crypto venture wave comes in the middle of the Pro-Crypto regulatory agenda of the Trump administration. Since the 47th president took office, he authorized the creation of a strategic reserve of bitcoin and digital assets, invited the elite of the cryptographic industry to the White House, pushed to the legislation of Stablecoin and presided over the release of cryptographic investigation units through the federal government.
This story was initially presented on Fortune.com
