Donald Trump’s social network Truth will release its own cryptocurrency and digital wallet

The video streaming app Truth, which is associated with US President Donald Trump, is considering launching its own utility token and crypto wallet. This was announced by Devin Nunes, CEO of Trump Media & Technology Group (TMTG), in a letter to shareholders. According to him, the new token can be used to pay for a subscription to Truth and subsequently for other products and services within the Truth ecosystem.

After the news broke, the value of the TRUMP cryptocurrency, which operates on the Solana blockchain SOL $146.98 Binance-Peg SOL -2.04% Market capitalization $0.16 billion VOL. 24 hours $0.29 billion , dropped by more than 7% to $ 12.70. This coin, which is ranked 48th in the world ranking by capitalization, has previously caused controversy in society. In January, TMTG announced a partnership with the financial giant Charles Schwab to launch the fintech platform Truth.Fi.

As part of this partnership, TMTG’s board of directors approved an investment of $ 250 million, which will be kept under the care of Charles Schwab. These funds will be invested in investment instruments, exchange-traded funds (ETFs), managed accounts (SMAs), as well as in bitcoin and other digital assets. The first products of Truth. Fi will be customized SMAs and ETFs with a focus on the «America-first» strategy.

Trump Media is working with Index Technologies Group, Yorkville America Equities, Crypto.com, and Yorkville America Digital to develop these financial products. According to Nunez, the company plans to invest in these projects together with its users at the expense of its own capital.

However, Trump-related crypto projects have been repeatedly criticized. Бутерін" href="https://noworries.news/biography/vitalij-buterin/" data-bio-id="3642">Vitalik Buterin, founder of Ethereum ETH $1,824.84 Bridged Ether (StarkGate) -0.64% Market capitalization $0.16 billion VOL. 24 hours $0.61 billion , called political tokens «tools for unlimited political bribery.» And the human rights organization Public Citizen has called on the US Department of Justice and the Office of Government Ethics to investigate whether the TRUMP memecoin violates laws prohibiting gifts to officials.