President-elect Donald Trump’s media company, Trump Media and Technology Group (TMTG), has filed for a new trademark that mentions cryptocurrency trading and payment services, digital wallets, and a digital asset trading platform. THE „TruthFi” named platform could be the company’s next step towards the crypto market.
Details about TruthFi
To the US Patent and Trademark Office (USPTO) on November 18 submitted According to the document, the TruthFi software could be used to operate digital wallets, process cryptocurrency and fiat money payments, and trade digital assets. The post also mentions the data and statistics required for financial market analyses, as well as custodial services, in the framework of which they ensure the preservation of financial assets for their clients for the purpose of financial management.
Josh Gerben, a trademark attorney, analyzed the filing and wrote:
A filing with the USPTO on Monday reveals that Trump Media plans to create digital wallets, cryptocurrency payment solutions and a platform for trading digital assets.
Trump Media has filed a new trademark application for:
“TruthFI”
The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer:
1. Digital wallets
2. Cryptocurrency payment processing services
3. A digital asset trading platform#Trump #TruthSocial pic.twitter.com/24J6J8xjuC
— Josh Gerben (@JoshGerben) November 21, 2024
It is not yet clear how far Trump Media has progressed with its cryptocurrency ambitions. The company’s current main activity is running a social media platform called Truth Social, which is one of Trump’s main media projects. According to information on the USPTO website, trademark processing can currently involve significant delays, and a registration can take up to 12-18 months.
Further steps in the crypto market
On November 18, the Financial Times reported that Trump Media was in advanced talks to buy crypto exchange Bakkt on its acquisition. If the deal goes through, it would be another major step for Trump’s businesses in the crypto market.
The Trump family launched their decentralized finance (DeFi) platform, World Liberty Financial, in September. Although the launch of the project did not meet the expected success – only 3.4% of the goal of $300 million was achieved – Trump’s support made it clear that he takes the crypto world seriously.
Meanwhile, Trump has also made several promises in his campaign to support cryptocurrencies, such as ending regulatory hostility to the crypto industry and stockpiling strategic Bitcoin stocks.
The reaction of the crypto market
Since Trump’s election victory, the crypto market has seen significant growth. Bitcoin price has crossed the $98,000 level and is close to reaching the psychologically important $100,000 mark. This clearly shows that Trump’s support for cryptocurrencies has a positive effect on the market.
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