Singapore-based Crypto.com has signed a strategic partnership with Trump Media and Technology Group Corp. (TMTG), operator of Truth Social, Truth+, and Truth.Fi, the companies said.
The agreement covers the integration of Crypto.com’s digital wallet infrastructure into TMTG’s platforms, with the Cronos (CRO) token adopted as a utility token.
Trump Media will roll out a rewards program on Truth Social and Truth+ that will allow users to earn platform rewards, called gems, which can be converted into CRO and other benefits via Crypto.com’s wallet.
Users will also be able to use CRO balances to pay for subscriptions and services, while free or discounted Truth+ subscriptions will be available for those opening a Crypto.com account.
As part of the transaction, Trump Media will acquire about $105 million worth of CRO, equal to roughly 685 million tokens and about 2% of CRO’s total market capitalization at the time of the announcement.
Crypto.com, in turn, will purchase $50 million of common stock in Trump Media, with both transactions subject to a lockup period.
Trump Media will secure its CRO through Crypto.com Custody and stake the holdings to generate additional revenue, per the announcement.
Both firms will also undertake joint marketing initiatives, promoting Truth+ subscriptions alongside Crypto.com’s wallet products.
The partnership builds on Crypto.com’s long-time support of the open-source Cronos blockchain project, which underpins the CRO token.
The deal follows the launch of Trump Media Group CRO Strategy, Inc., which has entered into a business combination agreement with Yorkville Acquisition Corp., a special-purpose acquisition company, to establish a digital asset treasury focused on CRO acquisition.
TMTG Chief Executive Devin Nunes said the firm sees CRO as a network that could underpin future digital asset exchanges and payments, while Crypto.com CEO Kris Marszalek said the partnership will broaden access to Cronos within digital media platforms.