As a seasoned analyst with over two decades of experience under my belt, I find myself intrigued by the latest move from President-Elect Donald Trump’s media company. The proposed “TruthFi” cryptocurrency trading and payment service is an interesting twist in the ever-evolving world of digital assets.
Donald Trump’s future social media platform, Truth Social, has hinted at plans to develop a cryptocurrency trading and payment system, as indicated by a recently filed trademark application titled “TruthFi.
As per a filing dated November 18th with the United States Patent and Trademark Office (USPTO), Trump Media is aiming to secure a trademark for software that functions as a digital wallet, facilitating transactions involving cryptocurrencies, traditional currencies, and trading of digital assets. The application also includes references to market analysis data and statistical information for financial research, along with financial custodial services, which involve holding financial assets on behalf of others for the purpose of financial management.
Josh Gerben, a trademark lawyer at Gerben Intellectual Property, offered an interpretation on a November 21th post to X, hinting that TMTG could potentially be developing a cryptocurrency platform based on the filing.
According to Gerben’s statement, it appears Trump Media is planning to launch a service offering digital wallets, cryptocurrency transactions, and a platform for buying and selling digital assets, as indicated by the filing made with the USPTO on Monday.
It’s not entirely clear at this point how advanced Trump’s company (TMTG), which holds a significant 53% stake, is with its plans for cryptocurrency. So far, TMTG’s main focus has been on running the Truth Social platform.
According to the USPTO’s website, they are presently reviewing applications that were submitted from April 17th up until May 1st.
Trump Media and Technology Group has been informed that registering a new trademark might require between 12 to 18 months, potentially with additional time due to a complicated process. CryptoMoon reached out for their response on this matter.
Trump backed company’s continue to make inroads into crypto
According to a Financial Times report on November 18th, it appears that TMTG might be in advanced negotiations for acquiring cryptocurrency exchange Bakkt, which is under the ownership of Intercontinental Exchange, through a stock swap deal.
Should the agreement proceed, it represents another move by companies supported by Trump attempting to expand their presence within the cryptocurrency sector.
On September 16, the Trump family’s decentralized finance (DeFi) platform, named World Liberty Financial, was launched. Unfortunately, the following token launch did not meet expectations, as it managed to raise only about 3.4% of its targeted $300 million.
Additionally, the newly elected leader has given permission for various Non-Fungible Token (NFT) collections to use his likeness.
The value of cryptocurrencies has significantly increased following Donald Trump’s election victory last week, as Bitcoin (BTC) reached an impressive high of more than $98,000 and is now very close to breaking through the substantial barrier of $100,000.
In simpler terms, Trump’s election team made several promises related to cryptocurrencies. They included easing the regulatory tension towards the crypto sector and potentially accumulating a substantial amount of Bitcoin as a strategic investment.
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2024-11-22 04:22