Originally published on: November 22, 2024
In a recent trademark filing with the United States Patent and Trademark Office, President-elect Donald Trump’s social media company, Trump Media, revealed potential plans for a cryptocurrency trading and payment service under the name “TruthFi.” The filing, dated Nov. 18, includes details about computer software for digital wallets, payment processing for cryptocurrencies and fiat currencies, as well as trading in digital assets. Additionally, it mentions market analysis data, financial research statistics, and financial custody services.
Trademark attorney Josh Gerben highlighted the filing in a post, suggesting that Trump Media and Technology Group (TMTG) may be developing a crypto platform. With Trump holding a majority stake of 53% in TMTG, the company has been primarily focused on operating the social media platform Truth Social. However, the recent trademark filing indicates a possible expansion into the crypto industry.
Although the approval process for the trademark could take over a year, the filing suggests that TMTG is exploring the implementation of digital wallets, cryptocurrency payment services, and a digital asset trading platform. While TMTG’s specific crypto ambitions remain unclear, recent reports have indicated that the company is in talks to acquire crypto exchange Bakkt.
With the rapidly growing cryptocurrency markets, Trump-backed businesses are looking to capitalize on the industry’s potential. From launching decentralized finance platforms to licensing non-fungible tokens, the Trump family is making strategic moves to establish a presence in the crypto space.
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