Benzinga and Yahoo Finance LLC may earn commissions or revenue from certain articles through the links below.
Trump Media & Technology Group (NASDAQ: DJT) announces that it will soon roll out a prediction market feature for Truth Social in partnership with the cryptocurrency exchange. Crypto.com.
The company majority owned by the president Donald Trump and his family said Tuesday that the Truth Predict feature would allow Truth Social users to bet on the outcome of everything from elections to sporting events within the app.
“For too long, global elites have tightly controlled these markets. With Truth Predict, we are democratizing information and empowering ordinary Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” Trump’s media chairman said. Devin Nunes said.
Don’t miss:
The Truth Predict event contracts would be offered through Crypto.com Derivatives North America, an arm of the exchange registered by the Commodity Futures Trading Commission, Trump Media said. The company also said that Crypto.com’s native CRO token 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 climbed 6% on the news, from $0.15 to nearly $0.17, but has since given up those gains, most recently trading just below $0.15.
Trump Media said beta testing of Truth Predict would begin “in the near future,” followed by a full launch in the United States. The feature will also be made available to its global audience once all global requirements have been met, the company added.
Truth Predict would follow an existing partnership between Trump Media and Crypto.com, which saw CRO used as a utility token on Truth Social and its video streaming platform, Truth+. Trump Media also partnered with Crypto.com to launch a CRO treasury company.
Trend: Accredited investors can now take advantage of $36 Trillion Real Estate Value Market – Without Buying a Single Property
Prediction markets became commonplace during last year’s presidential election, attracting billions of bets and mentions alongside traditional polls. The dynamic continues this year with the two leading platforms, Polymarket And Kalshireaching a combined record monthly volume of $1.44 billion last month.
Donald Trump Jr. serves as an advisor to Polymarket and Kalshi. Polymarket received investment from Trump Jr.-backed 1789 Capital last year and earlier this year. Truth Predict, however, puts the Trump family in competition with Polymarket and Kalshi.
