New trademark application by Trump Media explores crypto payment service
A new trademark filing with the US Patent and Trademark Office suggests President-elect Donald Trump's media firm may establish a crypto payment service.
Trump's Monday application for "TruthFi," a crypto payments, financial custody, and trading platform, shows his increasing interest in the crypto business.
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The trademark application does not specify the operation or timeline of the proposed service, but it suggests that Trump Media & Technology Group wants to diversify beyond Truth Social, which relies heavily on Trump's continuous engagement with his core supporters.
Given the company's tiny size, with less than 30 people, entering the bitcoin industry may require purchasing
Trump Media is also in talks to purchase Bakkt, a crypto trading platform whose shares rose after Bitcoinist published the news earlier this week. Due to its policy of not discussing market speculation, Bakkt has not confirmed these talks.
Trump Media filed to reserve the TruthFi moniker in case it launches a cryptocurrency endeavor, according to trademark attorney Josh Gerben.
The attorney said that firms submit trademark applications with actual intent to use the name, implying that there may be plans.
In the third quarter, Trump Media, worth $6.5 billion, earned little over $1 million from Truth Social advertising. With the network failing to attract new users and advertisers, diversifying income sources is crucial to its survival.
Despite not working at Trump Media, he owns roughly 53% of its shares, worth $3.4 billion, making it his most valuable asset. The company's board, mostly loyal to the former president, including his oldest son, Donald Trump Jr.
Previously a bitcoin skeptic, Trump started promoting digital assets throughout his presidential campaign. He has suggested that the next US SEC chairman would relax crypto regulation, departing from the Biden administration.
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