30s Summary

Donald Trump’s social media company has applied for a new trademark “TruthFi”, indicating plans to venture into the cryptocurrency market. The filing mentions a digital wallet for processing and trading digital and physical money, along with market analysis and financial services. Trump Media also reportedly plans to purchase a crypto exchange called Bakkt. In addition, the Trump family launched a decentralized finance (DeFi) platform, World Liberty Financial, and has licensed Trump’s image for several non-fungible tokens (NFTs). However, approval for the trademark could take over a year.

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Donald Trump’s social media company might be looking to break into the cryptocurrency game. They’ve recently submitted a request for a new trademark called “TruthFi.” This sounds like a hip new crypto trading and payment service, doesn’t it?

On November 18, Trump Media filed an application with Uncle Sam’s Patent and Trademark team (the USPTO). The filing mentioned plans for a digital wallet, which could be used to process and trade digital money and good old physical money. They also talked about fancy stuff like providing market analysis and financial services.

But don’t get your hopes up just yet. Trademark attorney Josh Gerben shared his insights, hinting that Trump Media could be planning a crypto platform. Although, it’s not entirely clear how far this plan has actually progressed. TruthFi might just be the beginning of their cryptocurrency journey.

You might know Trump Media mainly for operating the social media platform Truth Social. But getting a new trademark approved could potentially take a year and a half or more. They’re still going through applications submitted between April 17 and May 1. So, pretty darn slow, right?

Trump and his businesses seem pretty interested in crypto. Back on November 18, the Financial Times reported that Trump Media was in talks to buy up a crypto exchange called Bakkt. If this goes through, it’ll deepen their footprint in the crypto world.

Another venture is the Trump family’s decentralized finance (DeFi) platform, World Liberty Financial. Despite a somber launch, it seems the Trump family is keen on keeping their fingers in the crypto pie. They’ve also dipped into non-fungible tokens (NFTs) by licensing Trump’s own image for several collections.

Ever since Trump’s election win, crypto markets haven’t stopped breaking records. Bitcoin, the OG of crypto, has almost reached the whopping $100,000 milestone. Quite an achievement, isn’t it?

During his campaign, Trump said a lot of crypto-friendly stuff, like cutting the red tape for the crypto industry and stockpiling Bitcoin. We’ll just have to wait and see if these plans pan out. But for now, it seems we might be seeing more Trump in the crypto world. And who knows? Maybe their next big thing is just around the corner.