Trump Media, the parent company behind Mediaplatform Truth Social, is planning to launch a token and digital wallet behind Donald Trump.
Summary
- Trump Media is planning to launch a token and digital wallet that is linked to his social media platform.
- The company registered millions of losses for the second quarter of the year.
- In recent months, Trump has doubled media on his crypto bet.
According to a recent sec submitThe token will be part of a broader remuneration system that is linked to the company’s streaming service. Users can use the tokens to pay for subscriptions in the first phases, with plans to expand its use about the truth ecosystem over time.
The rollout is supported by a digital wallet, which is also developing. Trump Media drove the idea for the first time in July, when it announced the beta tests of a new subscription plan called the Patriot package.
At the time, the company said that it would be linked to monthly ‘precious stones’ earned by subscribers and sought the contributions of users to design ideas. Although there is still no official launch date, the project now seems to be gaining strength.
The Utility Token Update came when Trump Media unveiled its latest financial data and registered a net loss of $ 20 million in the second quarter of the year. The loss was usually due with $ 20.5 million in non-continuous costs, including shares-based compensation, depreciation and legal costs.
Despite the loss, the company registered its first positive operational cash flow of $ 2.3 million, mainly fed by the recently acquired crypto strategy.
Trump Media’s Crypto Bet
Last month the Trump-linked company collected $ 2.4 billion through a private offer that is supported by around 50 institutional investors. Subsequently, it used the most to acquire around $ 2 billion in Bitcoin (BTC) and other related assets.
The purchase now ensures about two -thirds of the $ 3 billion of Trump Media to cash -linked means that are linked to digital assets, making it one of the top ten public holders of Bitcoin. Devin Nunes, CEO of Trump Media, said that the Bitcoin strategy is aimed at guaranteeing “financial freedom” and protecting the company against potential risks in traditional finances.
In the meantime, Trump Media also looks at the ETF room. The company submitted an application for a listed fund (ETF) in June that would jointly follow Bitcoin and Ethereum, which is currently being assessed by the Securities and Exchange Commission (SEC).
