Trump's Step into the Crypto World with Truth Social!

Trump Media & Technology Group (NASDAQ:DJT) has recently announced the launch of a prediction market feature for its Truth Social app. This feature, in collaboration with Crypto.com, will allow users to bet on various outcomes ranging from elections to sports events.

Trump Media President Devin Nunes stated, "For too long, global elites have closely controlled these markets. With Truth Predict, we democratize information and enable everyday Americans to leverage the crowd's knowledge."

Truth Predict event contracts will be offered through Crypto.com Derivative North America. Furthermore, Crypto.com's native token CRO will be required to trade these contracts. Users will be able to convert CRO into app-based reward tokens known as Truth gems.

Following the news, CRO gained 6% and rose from $0.15 to $0.17, but subsequently lost that gain and traded below $0.15 again. Trump Media indicated that Truth Predict beta testing will begin "in the near future" with a full U.S. launch planned.

Truth Predict will strengthen the existing partnership between Trump Media and Crypto.com. Crypto.com had previously been used as a helper token for Truth Social and the Truth+ video streaming platform. Additionally, Trump Media had partnered with Crypto.com to establish a treasury company utilizing the CRO asset.

Prediction markets entered the mainstream during last year's presidential election, attracting billions in bets alongside traditional polling. This year, leading platforms such as Polymarket and Kalshi saw a total volume of $1.44 billion last month. Donald Trump Jr. provides consulting for Polymarket and Kalshi and has invested in these platforms.

With this development, the Trump family is deepening its ties to the cryptocurrency industry while also entering competition with Polymarket and Kalshi. The family has earned billions from various cryptocurrency ventures, with Trump adopting a pro-crypto stance and implementing stablecoin regulations.