TLDR
- Trump Media (TMTG) filed “TruthFi” trademark for crypto trading and payment services
- Filing includes digital wallet, crypto payment processing, and trading platform capabilities
- Trump owns 53% majority stake in TMTG
- TMTG reportedly in talks to acquire crypto exchange Bakkt
- Previous Trump-linked crypto ventures include World Liberty Financial DeFi platform and NFT collections
Trump Media and Technology Group (TMTG), the company behind Truth Social, has filed a trademark application for “TruthFi,” indicating plans to enter the cryptocurrency and digital payments space.
The filing, submitted to the United States Patent and Trademark Office (USPTO) on November 18, outlines several potential crypto-related services.
The trademark application details plans for computer software that would function as a digital wallet and facilitate cryptocurrency payment processing. The filing also suggests the development of a digital asset trading platform, marking a potential expansion beyond TMTG’s current social media focus.
According to USPTO documents, the TruthFi trademark encompasses financial custody services, including maintaining possession of financial assets for others for financial management purposes.
The application also mentions capabilities for market analysis data and statistics for financial research.
Trump Media and Technology Group, in which former President Donald Trump holds a majority 53% stake, has primarily operated the social media platform Truth Social until now.
This move into cryptocurrency services represents a potential diversification of the company’s digital offerings.
Trademark attorney Josh Gerben of Gerben Intellectual Property highlighted the filing’s implications on social media platform X.
Gerben noted that the application indicates TMTG’s intentions to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.
Trump Media has filed a new trademark application for:
“TruthFI”
The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer:
1. Digital wallets
2. Cryptocurrency payment processing services
3. A digital asset trading platform#Trump #TruthSocial pic.twitter.com/24J6J8xjuC
— Josh Gerben (@JoshGerben) November 21, 2024
The trademark registration process could take between 12 to 18 months, according to USPTO guidelines. The agency is currently processing applications submitted between April 17 and May 1, suggesting a lengthy waiting period before any potential approval.
Concurrent with the trademark filing, reports have emerged about TMTG’s potential expansion through acquisitions. According to the Financial Times, the company is reportedly in advanced discussions for an all-share purchase of crypto exchange Bakkt, which is owned by Intercontinental Exchange.
This latest development follows other Trump-affiliated ventures in the cryptocurrency space. The Trump family launched World Liberty Financial, a decentralized finance (DeFi) platform, on September 16. However, the platform’s token launch fell short of expectations, raising just over 3.4% of its $300 million target.
The former president has also been involved in the non-fungible token (NFT) market, licensing his image for several NFT collections. These digital collectibles represent another aspect of Trump-linked involvement in blockchain-based technologies.
Recent market movements have coincided with these developments. Bitcoin has shown upward momentum, reaching over $98,000 and approaching the $100,000 mark. These price movements have occurred alongside various crypto-related announcements from Trump-associated entities.
The TruthFi trademark filing includes specific technical details about potential service offerings. The application outlines plans for software enabling users to process electronic payments, manage digital wallets, and engage in cryptocurrency trading activities.
TMTG’s move comes at a time when digital payment solutions and cryptocurrency services are becoming increasingly mainstream. The company’s entry into this space could potentially leverage its existing user base from Truth Social.
The trademark filing provides insights into possible future revenue streams for TMTG beyond social media advertising. Digital payment processing and cryptocurrency trading typically generate income through transaction fees and trading commissions.
At the time of reporting, TMTG had not responded to requests for comment about the trademark filing or potential cryptocurrency services. The company’s specific plans for implementing these services remain unclear pending trademark approval and official announcements.
The most recent development in this story is the November 18 trademark filing, which remains under review by the USPTO as part of their standard examination process.