After Trump was elected President of the United States, his social media company seems ready to step into the cryptocurrency field. According to the application submitted to the United States Patent and Trademark Office (USPTO) on November 18, 'Trump Media Technology Group (TMTG)' has applied for a trademark for its new service 'TruthFi', which reveals plans to launch a service covering cryptocurrency trading and payments.
The trademark application shows that TruthFi will involve providing digital wallet software, cryptocurrency and fiat currency payment processing services, as well as a digital asset trading platform. Additionally, the document mentions financial market analysis and data research services, as well as providing custody and management services for financial assets for others.
Trademark experts speculate: TMTG intends to enter the cryptocurrency trading market
Trademark attorney Josh Gerben stated earlier today (22) that TMTG may be preparing to enter the cryptocurrency market. He wrote:
This document shows that Trump Media intends to launch digital wallets, cryptocurrency payment processing services, and digital asset trading platforms.
Trump Media has filed a new trademark application for:
"TruthFI"
The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer:
1. Digital wallets
2. Cryptocurrency payment processing services
3. A digital asset trading platform#Trump #TruthSocial pic.twitter.com/24J6J8xjuC
— Josh Gerben (@JoshGerben) November 21, 2024
However, it is currently unclear how far TMTG has progressed in realizing these cryptocurrency plans. So far, the company mainly focuses on operating Trump's social platform 'Truth Social'.
Trademark applications take at least a year
According to USPTO data, the current review process has only reached applications from April 17 to May 1 of this year, which means that TMTG's trademark application may need to wait one to one and a half years to possibly complete, and the process may face many delays.
Trump-related enterprises are actively engaging in cryptocurrencies
In fact, this is not the first time Trump-related enterprises have attempted to venture into cryptocurrency. According to a report by the Financial Times on November 18, TMTG is currently negotiating with Bakkt, a cryptocurrency platform under the Intercontinental Exchange (ICE), considering a full-stock acquisition to bring it under its wing. If the deal goes through, it would be an important step for Trump Enterprises to further expand its cryptocurrency footprint.
In addition, on September 16 of this year, the DeFi project 'World Liberty Financial' related to the Trump family officially launched, but the subsequent token sale performance was below expectations, raising only 3.4% of the target $300 million.
Currently, Trump Media Technology Group has not responded to details regarding the trademark application, but 'TruthFi' has generated expectations for its future actions, perhaps Trump Enterprises will bring more new developments to the cryptocurrency market.
"Trump Media Company TMTG plans to launch a cryptocurrency trading platform? The trademark application for 'TruthFi' reveals clues" This article was first published on (Block Media).
