Bitcoin has reached its all-time high of $98,000 (about Rs 8.2 million) after Donald Trump was elected as the 47th President of the United States. During his election campaign, President-elect Trump expressed great support for crypto participation and guaranteed changes in tax and business policies to be introduced. In another pro-Claputo step, Trump’s media company applied for the “Truthfi” trademark, suggesting exploring the Web3 arena.
Trump Media & Technology Group is reportedly exploring attempts to Web3 finance – possibly asset custody services. Josh Gerben, a trademark attorney based in Washington, USA, said that a trademark application with serial number 98859006 was filed last week. TMTG mainly supervises Trump’s social networking platform truth society.
The TruthFI platform is expected to be involved in services that promote crypto payments, digital asset trading and virtual digital asset financial custody services. If Truthfi starts to operate, Trump’s media organizations may consider buying smaller Web3 companies and people familiar with the industry, according to a report from the New York Times. Earlier this month, a Reuters report said Trump’s media companies were discussing acquiring cryptocurrency trade group Bakkt.
In 2021, Trump was banned from various social networking companies such as Facebook, Instagram and X (formerly Twitter), and he launched Truth Social to compete with traditional social media platforms and to use the platform as free speech Promoters advertise. As of September this year, the Trump media was worth $3.22 billion (approximately Rs 271.43 billion), showing Yahoo Finance. In March this year, the figure was $8.47 billion.
It seems that the company is now looking to explore different avenues of funding and plans to go deeper into the cryptocurrency space, which is currently valued at $3.33 trillion (approximately Rs 280,71,228 crore, according to CoinmarketCap. ).
TruthFi will, however, not be Trump’s first adventure to get involved in Web3, who previously called Cryptocurrency a scam but decided to go pro-Claytop during his campaign. The more than fifty American families have promised to make the United States “the crypto capital of the earth.”
Back in September this year, Trump launched a new cryptocurrency business called World Free Finance. Although the project has been advertised as a project that can change Defi, details about the business are still not revealed by the Trump family.
In April, Trump launched his second NFT series after the first multi-million dollar hike launched in December 2023.
