In a landmark deal that merges technology, media, and cryptocurrency, Trump Media & Technology Group (DJT) has announced a strategic partnership with Crypto.com.
The collaboration will create a new entity, Trump Media Group CRO Strategy, Inc., a digital asset treasury company focused on acquiring and holding CRO, the native token of the Cronos blockchain.
As part of the mutual cooperation agreement, Trump Media will integrate Crypto.com’s digital wallet infrastructure into its platforms, Truth Social and Truth+. This will enable a new rewards system where users can earn “gems” for engagement and convert them into CRO tokens and other benefits.
This is a pioneering move to directly onboard a social media user base onto a blockchain ecosystem, potentially exposing millions to the utility of digital currencies.
A joint venture
To cement the partnership, Trump Media will purchase approximately $105 million in CRO for its balance sheet. In a reciprocal move, Crypto.com will acquire $50 million in common stock of Trump Media,
according to the report.
Both companies’ holdings will be subject to a one-year lock-up period, followed by a three-year restrictive release schedule. This joint venture is a strong signal that both companies believe in the long-term value and utility of the Cronos blockchain for building the “future American digital economy.”
From negativity to positivity
Trump Media & Technology Group Corp. is an American media and technology company that is majority-owned by Donald J. Trump.
It is worth noting that Donald Trump was sceptical about cryptocurrencies during his first term as U.S. President. On July 11, 2019, Trump posted a tweet attacking Bitcoin and other cryptocurrencies, saying that their value is “based on thin air”, as reported by Coinidol.com. However, Donald Trump has now become one of the most crypto-friendly politicians.
