Trump Media revealed plans for a true-friend utility tokens and digital wallets in its latest security security and exchange commission filing, months of the first months of teasing the connection in a shareholder letter.
The filing describes the token as part of a “large rewards program”, which is integrated into the “Truth Digital Wallet”, initially allowing users to pay for truth+ membership.
Over time, tokens can be applied to “in ecosfere in truth” on other products and services, indicating in a brider platform-wide utility.
Although the company clearly calls it a cryptocurrency, the language states that the blockchain-based infrastructure is the same.
Q2 Filling marks have first joined public financial documents, showing that the project is now considered as a main component of Trump Media’s crypto strategy.
It comes between an aggressive and braiding digital asset pivot.
In July, Trump Media deployed $ 2 billion in bitcoin and bitcoin -based securities, making it globally became the fifth -larger public holder of top cryptocurrency.
The firm stated that it was raised $ 2.4 billion in May in May, which was now seated in cash restricted for convertible notes with $ 1, through a private placement supported by instant investors, as per the filing, according to the filing.
The company also filed for several crypto exchange-traded funds under its truth. Fintech division, including bitcoins, atherites and funds tied to the “crypto blood chip” index.
Trump Media posted $ 2.3 million in the operation of cash flow, its first positive quarter, but still inspired by stock-based compensation and legal fees from its SPAC merger, recorded a net deficit of $ 20 million.
CEO Davin Nuns has depicted the company’s Crypto Exposure as a protection against the transitional funding system as a protection against “debanking and other acts of political discrimination”.
Crypto Market Movers
- Bitcoin has increased by 0.1% in the last 24 hours and is trading at $ 113,700.
- The ethrium is $ 3,470 below 0.4% in the same period.
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Kel Beyard is the editor of DL News’ Weekend. Found a tip? Email (Email protected),
