Originally published on: November 22, 2024
Trump Media, the social media company owned by President-elect Donald Trump, has hinted at potential ventures into cryptocurrency trading and payment services with a new trademark filing for “TruthFi.”
In a filing with the United States Patent and Trademark Office (USPTO) on Nov. 18, Trump Media seeks a trademark for computer software for digital wallets, payment processing for cryptocurrency and fiat, and trading in digital assets. The filing also indicates plans for market analysis data and statistics for financial research, as well as financial custody services.
Trademark attorney Josh Gerben shared details of the filing, speculating that Trump Media and Technology Group (TMTG) could be developing a crypto platform. The filing suggests intentions to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.
While the approval process for the trademark could take over a year, the filing implies that TMTG, majority-owned by Trump with a 53% stake, may be expanding beyond its primary function of operating the social media platform Truth Social.
With reports of TMTG engaging in talks for an acquisition of crypto exchange Bakkt, owned by Intercontinental Exchange, it appears Trump-backed businesses are making moves in the crypto space. Additionally, Trump has licensed his image for non-fungible token (NFT) collections, further indicating his interest in the cryptocurrency industry.
As crypto markets surge following Trump’s election win, reaching milestones like Bitcoin climbing over $98,000, the future of Trump Media’s crypto ambitions remains uncertain. However, with Trump’s support and the growing popularity of cryptocurrencies, the industry is poised for continued growth in the coming years.