Trump Media & Technology Group is exploring a new crypto payment platform called TruthFi, according to a recent trademark filing. The application, submitted on Monday, outlines plans to offer services such as digital wallets, cryptocurrency payment processing, and digital asset trading.
This marks an ambitious step for Trump Media, which initially focused on its social media platform, Truth Social, launched in 2022 after Donald Trump’s ban from major social networks. Expanding into crypto payments suggests the company aims to diversify its business model significantly.
Following the announcement, Trump Media’s stock rose about 2%, reflecting growing investor interest. However, details about TruthFi remain limited, with no specific timeline or operational plans revealed. Reports indicate the company may need to acquire additional resources or collaborate with established firms to execute this initiative, given its current small workforce of under 40 employees.
To bolster this venture, Trump Media is rumored to be in talks to acquire Bakkt, a business-to-business crypto trading platform. Since the discussions surfaced, Bakkt’s shares have surged by nearly 140%, signaling strong market interest in the potential partnership.
The move aligns with President-elect Donald Trump’s broader pro-crypto agenda, which has gained momentum even before his term begins in January. He is also reportedly interviewing candidates for the first-ever crypto advisor role in the White House, signaling a shift in regulatory priorities. This follows the resignation of current SEC Chair Gary Gensler, whose departure is seen as a win for the crypto industry.
The crypto market responded positively to these developments, with Bitcoin approaching its highest levels and the overall market cap reaching $3.4 trillion.
Trump Media’s foray into the crypto sector, combined with Trump’s broader crypto-friendly policies, indicates a significant shift in the U.S. approach to digital assets. If TruthFi launches successfully, it could position Trump Media as a key player in the growing cryptocurrency landscape.
