Overview

Trump Media and Technology Group (DJT), which operates Truth Social linked to President Donal Trump, finalized a purchasing agreement with crypto platform Crypto.com for 684.4 million Cronos (CRO) tokens, amounting to $105 million. This deal includes both cash and stock, representing approximately 2% of CRO’s current supply.

Key Highlights

• The CRO tokens will be stored and managed via Crypto.com’s custody service, where they will be staked to generate additional revenue. The companies plan to incorporate CRO into Truth Social and Truth+ rewards systems.
• Crypto.com and Trump Media are working on establishing a digital asset treasury firm that aims to focus on CRO in a SPAC deal.

Quotes

Kris Marszalek, CEO of Crypto.com, stated that this partnership represents an opportunity to boost the adoption of CRO tokens further. On the other hand, Devin Nunes, Trump Media’s chair, described the token as a “versatile utility” for transactions and payments.

Future Plans

Trump Media is expanding its focus on crypto, intending to introduce various crypto-related ETFs and investment products. Furthermore, it reportedly holds $2 billion in Bitcoin.