As a seasoned researcher with a keen eye for tech-driven business expansions, I find the latest move by Trump Media and Technology Group (TMTG) intriguing. The application to trademark “TruthFi” hints at a potential digital currency and wallet service, which, if successful, could indeed be a game-changer in the ever-evolving world of fintech.
As a crypto enthusiast, I’ve noticed the operator of the Truth Social platform has expressed intent to brand a new digital currency service as “TruthFi.” This move suggests they’re preparing to dive into the realm of decentralized finance. Exciting times ahead!
As a researcher, I’m delving into the realm of Trump Media and Technology Group (TMTG), a venture predominantly helmed by the future U.S. President, Donald Trump. Noteworthy is his pledge during his presidential campaign to champion the adoption of cryptocurrencies.
Trump Media to Expand Business with Digital Wallet Software
As an analyst, I’ve recently come across information suggesting that TMTG, in the pipeline, intends to launch a cryptocurrency and digital wallet service, subject to the approval of their trademark application. From the details disclosed on November 18, it appears they are developing a platform known as TruthFi, which is essentially software designed for use as a digital wallet.
In essence, the project’s operational details and timeline for launch are scant or non-existent in the application paperwork. Yet, the filing does disclose potential services such as cryptocurrency transactions, administration of financial assets, trading of digital assets, and card payment processing.
TMTG could be looking to expand its operations beyond Truth Social, a social media network that has been living off Trump’s connection with his supporters. The entity is trying to fend off rumors sparked by a September Washington Post article that it’s struggling financially.
In August, it was disclosed that the company suffered a quarterly loss exceeding $16 million during Q2 of 2024, while generating less than a million dollars in revenue.
Originally, President-elect Trump, holding the largest stake in Truth Social, found himself unable to offload his 114 million shares as a result of an agreement known as a lockup period. This agreement was initiated upon TMTG’s public debut in March via a merger this year.
Despite the lockup period ending in late September, Trump took to a social media platform to state that he had no intention of selling his shares and urged investigative bodies to look into individuals who were spreading such rumors.
As a researcher observing the market dynamics, I noticed an approximately 2% increase in Trump Media’s share price to $30.65 post the trademark filing. This surge has propelled the company’s estimated worth to a staggering $6.5 billion.
WLFI Tokens Yet to Reach Sales Targets
In other areas, the digital currency project World Liberty Financial (WLF), led by Trump, continues to experience low interest in its token sales. The WLFI token reportedly falls short by approximately 32%, having sold only 1.35 billion tokens, which equates to just 2% of its original objective.
Originally, the WLF development team planned to offer approximately 63 billion tokens for sale to the public; however, due to subpar results, they reduced their goal to only 35 billion tokens instead.
Subsequently, the team adjusted their goal downwards to a revised figure of 20 billion dollars. However, upon reviewing their most recent SEC submission, it appears the target has been further reduced to only 2 billion dollars.
Since its debut, the demand for WLFI has moved at a leisurely pace. An analysis dashboard by Dune reveals that just five addresses make up nearly a quarter (25%) of all token transactions.
Despite Trump’s win in the November elections, a mere $5.74 million worth of WLFI tokens have found buyers.
This could be a concern for investors, as the win has positively impacted the broader crypto market, causing surging runs that have culminated in new all-time highs for several cryptocurrencies, including Bitcoin and Solana.
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2024-11-25 07:10