Trump Media and Technology Group (TMTG) appears to be preparing to enter the cryptocurrency market. The new trademark "TruthFi" document submitted by TMTG to the United States Patent and Trademark Office (USPTO) on November 18 stated that TMTG may plan to launch digital wallets, cryptocurrency payment services, and digital asset trading platforms in the future.
TruthFi trademark application revealed, crypto payment and asset trading platform now emerges
According to the document, “TruthFi” is described as a computer software mainly used in digital wallets, cryptocurrency and fiat currency payment processing, and digital asset trading platforms. The application content also mentions market analysis data services for financial-related research, as well as financial custody services for "managing financial assets held by others."
TMTG files trademark documents
Famous American trademark lawyer Josh Gerben also shared this application content on Twitter, stating that this document indicates TMTG's future plans to provide digital wallet, cryptocurrency payment services, and asset trading platform services. However, it is still unclear how far TMTG's plans have progressed. TMTG is primarily responsible for operating Trump's social platform 'Truth Social', and this application seems to represent business expansion, but in reality, it still requires continued observation.
Source: Josh Gerben 'The X trademark application still needs time, waiting for 12 to 18 months
The USPTO states it is currently reviewing applications submitted from April 17 to May 1, which means that TMTG's 'TruthFi' trademark may have to wait at least a year to a year and a half to be approved. The trademark application process is somewhat complicated, which may cause delays. Currently, TMTG has not responded externally on this matter.
TMTG expands its crypto territory, negotiating to acquire Bakkt exchange
In addition to the trademark application, TMTG has recently been revealed to possibly acquire the cryptocurrency exchange Bakkt. According to foreign media reports, TMTG is discussing acquiring Bakkt through a full stock transaction with its parent company Intercontinental Exchange (ICE). In fact, the Trump family's cryptocurrency plans have a traceable history. On September 16 this year, they launched their own DeFi platform World Liberty Financial, however, the subsequent token issuance did not meet expectations, raising only 3.4% of the target funds.
Trump expresses support driving the market, Bitcoin price soars
Since Trump's previous expression of support for cryptocurrencies and winning the presidential election, it has had a huge impact on the market. He also stated that he would fire SEC Chairman Gary Gensler, who has repeatedly suppressed the development of the cryptocurrency industry, as soon as he takes office, and establish clear regulatory directions, planning to create a strategic reserve of Bitcoin for the United States, and has authorized his image to be used in different NFT series. Under his influence, the price of Bitcoin has now surpassed 98K and is approaching the $100,000 mark.
TMTG trademark application and acquisition of Bakkt still need to be observed
But regardless of the trademark application by Trump's media company TMTG or the rumors of acquiring Bakkt, it is clear to see Trump's determination to enter the cryptocurrency market. However, from the approval timeline of the trademark to the verification of the acquisition rumors, it may still take some time to know, and everyone should remain cautious to avoid being affected by market speculation and falling into risks.
(Trump's new hope upon taking office: White House establishes new position for cryptocurrency policy, Brian Brooks as SEC chairman candidate?)
This article reports that Trump Media is entering the cryptocurrency market, registering the trademark 'TruthFi' which includes digital wallet and crypto payment services, first appearing in Chain News ABMedia.
