Trump Media files a trademark application for a crypto payment service called TruthFi
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Trump Media has filed a trademark application for a crypto service called TruthFi. The company is said to be in talks to acquire Bakkt, marking its expansion beyond true social into crypto markets.
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Donald J. The Trump social media company has filed a trademark application for TruthFi, a proposed crypto payment service that includes financial protection services and digital asset trading capabilities.
Trump Media and Technology Group filed the filing on Monday, indicating an expansion beyond the true social platform.
The company, now valued at $6.5 billion, generated $1 million in revenue from Truth Social Ads in the third quarter.
Earlier this week, it was reported that Trump Media was in talks to acquire cryptocurrency trading platform Bakkt, which sent Bakkt stock soaring.
Trump Media, which employs less than three dozen people, may need to find another company to launch a large-scale crypto project.
Donald Trump owns 53% of Trump Media, which is valued at $3.4 billion, making it his most valuable asset. His son Donald Jr. serves on the company's board.
Trump, who previously expressed his doubts about crypto assets, changed his position during the presidential campaign.
His potential SEC appointee has indicated that he would take a less aggressive approach to crypto regulation than the current Biden administration.
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