Trump Media Files for ‘TruthFi’ trademark, indicating expansion to Web3
Bitcoin has surged to its all-time high of $98,000 (approximately Rs. 82 lakh) following the election of Donald Trump as the 47th US President. During his election campaign, President-elect Trump showed tremendous support for crypto engagement, championing changes to the tax system and corporate policies. In another pro-crypto move, Trump’s media company has filed for a trademark for “TruthFi,” indicating it wants to explore the Web3 arena.
The Trump Media & Technology Group does reportedly exploring a foray into Web3 financing – possibly an asset custody service. Josh Gerben, a trademark attorney based in Washington, US, said the trademark application with serial number 98859006 submitted last week. The TMTG primarily oversees Trump’s social networking platform Truth Social.
The TruthFi platform is expected to engage in services that facilitate crypto payments, digital asset trading and financial custody services for virtual digital assets. According to the New York Times report, if TruthFi becomes operational, it is likely that Trump’s media organization could consider acquiring smaller Web3 companies and bringing on board people familiar with the industry. Earlier this month one Reuters According to the report, Trump’s media company was in talks to acquire Bakkt, a crypto trading organization.
After Trump was banned from several social networking companies such as Facebook, Instagram, and As of September this year, Trump Media was valued at $3.22 billion (approximately Rs. 27,143 crore), shows Yahoo Finance. In March this year, this figure stood at $8.47 billion.
It seems the company is now looking to explore various funding options and plans to delve deeper into the crypto sector, whose valuation currently stands at $3.33 trillion (approximately Rs. 2,80,71,228 crore). CoinMarketCap.
However, the birth of TruthFi will not be the first step in Web3 for Trump, who previously called cryptocurrency a scam, but decided to go pro-crypto during his campaign. The American multi-billionaire has promised to make the US the ‘crypto capital of the planet’.
In September this year, Trump unveiled a new cryptocurrency company called World Liberty Financial. Although the project has been advertised as one that would transform DeFi, details about the company remain secret by the Trump family.
In April, Trump launched his second NFT collection after making millions of dollars from the first, which launched in December 2023.
