Truth Social, the social media platform owned by President-elect Donald Trump, is reportedly considering a foray into the cryptocurrency space. This move was indicated by a recent trademark application filed by Trump Media & Technology Group for TruthFi, described as a cryptocurrency payment processing platform.
The trademark application, while light on specifics, mentions various potential applications for TruthFi, such as card payment processing services, asset management, custody service, and trading in digital assets. It remains uncertain how advanced Trump Media is in its assessment of a crypto payment service or whether it will ultimately introduce such a platform. Venturing into cryptocurrency could serve as a means for the Trump-owned public company to diversify beyond social media.
As of now, Trump Media has not provided any comments on this development. This news emerges shortly after Trump's recent election victory, which was supported in part by the crypto industry seeking more favorable regulation from Washington.
Despite his previous criticism of bitcoin, Trump has since changed his stance and now supports it. During his campaign, he pledged to position the United States as the 'crypto capital of the planet' and establish a national cryptocurrency reserve.
