Trump-operated social media Truth Social, Consideration of launching its own cryptocurrency

Truth Social Expanding Cryptocurrency Business (Source: The Guardian)

Truth Social, a social media company led by Donald Trump, is considering launching its own cryptocurrency in the form of a utility token. According to CoinDesk on the 29th (local time), Truth Social announced in an official letter sent to shareholders that it is exploring the introduction of utility tokens linked to the ‘Truth Wallet’ as part of a rewards program.

According to the plan, the token will first be used as a payment method for the paid subscription service ‘Truth+’, and will later be applied to various services and product payments within Truth Social. The company aims to increase user loyalty and platform activity incentives through this strategy.

Additionally, Truth Social stated that it is also considering the launch of a new form of ETF product combining stocks and cryptocurrencies. If President Trump's platform fully enters the cryptocurrency market, predictions suggest it could cause significant ripples in both the political and financial sectors.