Trump Family Delves Deeper Into Crypto With Truth Social Prediction Market Feature

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Trump Media & Technology Group (NASDAQ:DJT) says it will soon roll out a prediction market feature for Truth Social in partnership with cryptocurrency exchange Crypto.com.

The company majority-owned by President Donald Trump and his family said on Tuesday that the feature, Truth Predict, would enable Truth Social users to bet on the outcome of everything from elections to sporting events within the application.

“For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” Trump Media Chair Devin Nunes said.

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Truth Predict event contracts would be offered through Crypto.com Derivatives North America, a Commodity Futures Trading Commission-registered arm of the exchange, Trump Media said. The company also said that Crypto.com’s native token CRO would be required to trade Truth Predict event contracts, adding that it would enable the conversion of its in-app reward tokens, called Truth gems, into CRO.

CRO spiked 6% on the news from $0.15 to nearly $0.17, but has since given up these gains, trading most recently just below $0.15.

Trump Media said beta testing of Truth Predict would begin “in the near future,” followed by a full U.S. launch. The feature would also be made available to its global audience after all global requirements have been met, the company added.

Truth Predict would follow an existing partnership between Trump Media and Crypto.com, which has seen CRO used as a utility token on Truth Social and its video streaming platform, Truth+. Trump Media has also partnered with Crypto.com to launch a CRO treasury company.

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Prediction markets entered the mainstream during last year’s presidential election, attracting billions in bets and mentions alongside traditional polls. The momentum has continued this year with the two leading platforms, Polymarket and Kalshi, reaching a combined record monthly volume of $1.44 billion last month.

Donald Trump Jr. serves as an adviser to Polymarket and Kalshi. Polymarket received investments from the Trump Jr.-backed 1789 Capital last year and earlier this year. Truth Predict, however, puts the Trump family in competition with Polymarket and Kalshi.

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The planned launch of Truth Predict deepens the Trump family’s already extensive ties to the cryptocurrency industry, despite mounting concerns about conflicts of interest.

The first family has raked in billions from several cryptocurrency ventures while Trump has championed a pro-cryptocurrency agenda, enacting stablecoin regulations and appointing several cryptocurrency proponents to top regulatory posts.

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This article Trump Family Delves Deeper Into Crypto With Truth Social Prediction Market Feature originally appeared on Benzinga.com

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