Trump Media considers launching cryptocurrency token and wallet for streaming service

Trump Media and Technology Group, the social media giant backed by U.S. President Donald Trump, is considering integrating cryptocurrency tokens and wallets into its video streaming platform Truth+.

"We are exploring the launch of utility tokens within the 'Truth Digital Wallet' that can initially be used to pay for Truth+ subscriptions and will be expanded to other products and services in the Truth ecosystem in the future," CEO Devin Nunes wrote in an April 29 letter to shareholders. He added that cryptocurrency tokens and wallets will form part of Trump Media's planned full-platform rewards program, which covers social platform Truth Social and financial services platform Truth.Fi.

Trump Media revealed its intention to deploy crypto payments as early as November 2024, when it filed a trademark application with the U.S. Patent and Trademark Office for digital wallet software, digital asset trading and cryptocurrency payment processing technology for the Truth.Fi platform.

Trump Media's streaming platform Truth+ went online in October 2024, focusing on movies and program content for politically conservative audiences.

The company has signed a binding agreement with cryptocurrency exchange Crypto.com and asset management company Yorkville America Digital to launch an exchange-traded fund (ETF) on the Truth.Fi platform with a theme of "Focusing on American Manufacturing", which will include a combination of cryptocurrencies and stocks.

In January this year, Trump Media announced that it plans to invest up to $250 million in cash reserves in a variety of financial products including Bitcoin (BTC), and other cryptocurrencies or crypto-related securities will be managed by asset management company Charles Schwab.

Risk of conflict of interest increases

The launch of Trump Media's utility token may further raise concerns about the potential conflict between the former president's crypto business and public duties. However, Trump transferred his 59% stake to the trust in December 2024.

Trump has also been criticized for supporting the cryptocurrency platform World Liberty Financial, where he not only serves as the platform's "chief crypto advocate" but also can extract part of the profits. The platform is 60% owned by the Trump family, and some senators are worried that their policy influence may seek improper benefits for the company.

Even more controversial is that on January 18, two days before his return to the White House, Trump launched a memecoin called Official Trump (TRUMP), which sparked a strong backlash from public opinion.