Bitcoin has shot as much as its historic excessive of $98,000 (roughly Rs. 82 lakh) following the election of Donald Trump because the forty seventh president of the US. Throughout his election campaigning, president-elect Trump confirmed immense assist for crypto engagement, vouching for introducing adjustments in taxation and enterprise insurance policies. In one other pro-crypto step, Trump’s media agency has filed for a trademark for ‘TruthFi’, hinting at exploring the Web3 area.
The Trump Media & Know-how Group is reportedly exploring a foray into Web3 finance – probably an belongings custody service. Josh Gerben, a trademark lawyer primarily based in Washington, US, mentioned the trademark software carrying the serial quantity 98859006 was filed final week. The TMTG primarily oversees Trump’s social networking platform Fact Social.
The TruthFi platform is predicted to dabble in companies facilitating crypto funds, digital asset buying and selling, and monetary custody companies for digital digital belongings. As per the report by New York Occasions, if TruthFi comes into operation, it’s seemingly that Trump’s media organisation might contemplate buying smaller Web3 companies and onboard folks accustomed to the sector. Earlier this month, a Reuters report claimed that Trump’s media agency was in discussions to accumulate Bakkt, a crypto buying and selling organisation.
After Trump was banned from varied social networking companies like Fb, Instagram, and X (previously Twitter) in 2021, he launched Fact Social to compete with conventional social media platforms and marketed the platform as a promoter of free speech. As of September this yr, Trump Media was valued at $3.22 billion (roughly Rs. 27,143 crore), reveals Yahoo Finance. The determine stood at $8.47 billion in March this yr.
It seems that the agency is now trying to discover totally different avenues for funding and is planning to enterprise deeper into the crypto sector, the valuation of which presently stands at $3.33 trillion (roughly Rs. 2,80,71,228 crore) as per CoinMarketCap.
The delivery of TruthFi will, nonetheless, not be the primary enterprise into Web3 for Trump, who beforehand known as cryptocurrency a rip-off however determined to go pro-crypto throughout his campaigning. The American multi-billionaire has promised to make the US the “crypto capital of the planet.”
Again in September this yr, Trump unveiled a brand new cryptocurrency enterprise named the World Liberty Monetary. Whereas the venture has been marketed as one that might rework DeFi, particulars concerning the enterprise stay undisclosed by the Trump household.
In April, Trump launched his second NFT assortment after churning out tens of millions of {dollars} from the primary one launched in December 2023.