Truth Social's cryptocurrency, Cronos (CRO), has been gaining traction in the market. Cronos is an Ethereum-based token that serves as the native cryptocurrency for the Truth Social platform.
Cronos has a maximum supply of 30 billion tokens, which is a significant number compared to other cryptocurrencies. This large supply can impact the token's value and market capitalization.
Truth Social's business model focuses on creating a decentralized social media platform where users can share content and interact with each other without intermediaries. The platform aims to provide a more secure and private experience for users.
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Cronos (CRO) News
Truth Social's adoption of CRO has sent the token's price soaring 20% after a massive purchase of 2% of the entire token supply.
The company behind Truth Social, Trump Media and Technology Group Corp, spent around $105 million to acquire 685,427,004 CRO tokens.
The introduction of a rewards system for Truth Social users will utilize the Crypto.com digital wallet infrastructure and adopt CRO as a utility token.
Users will be able to pay for subscriptions and services with their Crypto.com CRO balance, and receive free or discounted Truth+ subscriptions for opening a Crypto.com account.
The partnership between Crypto.com and Trump Media has been hailed as a historic moment for the Cronos blockchain, with Crypto.com's co-founder and CEO, Kris Marszalek, commenting on the collaboration.
CRO Surges 20% with Massive Adoption News
The CRO token saw a significant surge of 20% after Trump Media and Technology Group Corp announced massive adoption news for the token.
Truth Social and the company behind it plan to purchase around 2% of the entire CRO supply for $105 million.
The entity linked to the current US President will use the CRO token as a utility token in their rewards system for users.
This system will be integrated with the Crypto.com digital wallet infrastructure.
Users will be able to pay for subscriptions and services with their Crypto.com CRO balance.
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Free or discounted Truth+ subscriptions will be provided to users who open a Crypto.com account.
The news sent the CRO token flying to its highest level this year, reaching just over $0.21.
The token has since retraced slightly but still stands close to $0.19.
Crypto.com's co-founder and CEO, Kris Marszalek, commented on the partnership, calling it a historic moment for the Cronos blockchain.
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Trump's Social Media Company Explores Payment Service
Trump's social media company is exploring a crypto payment service called TruthFi, which could potentially offer digital wallets, card payment processing services, and trading in digital assets.
The company filed a trademark application for TruthFi, indicating there's significant discussion about offering cryptocurrency-related products and services.
This move comes just days after reports that Trump Media is in advanced talks to acquire crypto trading platform Bakkt, which sent Bakkt's shares skyrocketing over 160%.
Trump Media did not respond to a request for comment, but the trademark application suggests the company is serious about expanding into the cryptocurrency world.
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The integration of CRO with Truth Social and Truth+ streaming service already provides users with a real-world use case for the token, allowing them to pay for subscriptions with their CRO balances.
The creation of Trump Media Group CRO Strategy, Inc. will serve as a digital asset treasury firm focused on acquiring the native cryptocurrency token of the Cronos ecosystem, purchasing roughly 19% of the entire CRO supply.
What is Cronos (CRO)?
Cronos (CRO) is a cryptocurrency token created by Crypto.com, a popular cryptocurrency exchange platform. It's designed to be used as a utility token for the Crypto.com ecosystem.
CRO is an ERC-20 token, which means it's built on the Ethereum blockchain. This gives it the ability to be used across a wide range of platforms and applications.
Crypto.com plans to use CRO to facilitate transactions, provide rewards, and even govern the platform.
Financial and Business Developments
Trump Media plans to launch exchange-traded funds (ETFs) that combine cryptocurrencies and traditional equities with a "Made in America focus" on the Truth.Fi platform.
The company has signed binding agreements with crypto exchange Crypto.com and asset manager Yorkville America Digital for these ETFs.
Trump Media will invest up to $250 million of its cash reserves into various financial products, including Bitcoin and other crypto tokens or crypto-related securities.
These investments will be custodied by asset manager Charles Schwab.
DJT stock showed little reaction to the news, with shares down 0.52% in after-hours trading.
The company's shares had fallen 3.29% to $24.98 at Tuesday's market close, representing a decline of more than 26% year-to-date.
Trump Media will hold its annual meeting on Wednesday, May 1, where more details about these initiatives may be revealed.
Trump has transferred his 59% stake in Trump Media into a trust last December, but some lawmakers have expressed concerns about his influence on policy benefiting his crypto ventures.
Trump has also faced criticism for his role as "Chief Crypto Advocate" for World Liberty Financial, where he receives a portion of profits.
Frequently Asked Questions
How much is Trump's cryptocurrency right now?
As of now, the current price of Trump's cryptocurrency is $8.47 per TRUMP. The price has seen a significant increase of +4.81% in the last 24 hours.
How much is the Truth Social coin?
The current price of the Truth Social coin is $1.05e-13 USD. You can find up-to-date pricing information and more on our Truth Social price page.
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