Trump Media Company Plans to Award Shareholders Digital Tokens

US President Donald Trump’s company, Trump Media and Technology Group, has announced a partnership with cryptocurrency exchange Crypto.com to award its shareholders digital tokens. The announcement was made on Wednesday, resulting in a 5% increase in the company’s shares as of 11am US East Coast time. According to the news release, Trump Media will provide one digital token for every whole share owned by shareholders, although no timeline has been set for when the tokens will become available.

The partnership is part of an effort to utilize Crypto.com’s blockchain technology and improve regulatory clarity. Trump Media CEO Devin Nunes stated that “various awards” would be made available to token holders periodically throughout the year, including benefits and discounts related to Truth Social and Truth+. The company has previously expressed its support for cryptocurrency development.

This announcement is not Trump’s first involvement in the cryptocurrency industry. During his second term, he has been a vocal advocate for cryptocurrency and has taken steps to promote its use in various areas, such as retirement accounts. Crypto.com has also benefited from these efforts, having filed a lawsuit against the federal government earlier this year before the investigations were dropped.

The partnership with Trump Media is part of a broader effort by the company to engage with Crypto.com. The two companies have previously collaborated on other initiatives, and Trump Media’s majority shareholder, US President Donald Trump, has been a strong supporter of cryptocurrency development.

Source: Al Jazeera