Key Takeaways
Why is the Truth Social–Crypto.com partnership significant?
Truth Social will become the first social media platform to integrate regulated prediction market trading directly.
How can users participate?
Users can convert their Truth gems from Truth Social or Truth+ into Cronos.
Trump Media & Technology Group, the parent company behind Truth Social, is moving into the prediction markets space with Crypto.com.
Trump Media X Crypto.com blends social and trading activity
The company announced a partnership with Crypto.com’s U.S.-registered derivatives arm, CDNA, to integrate real-time event wagering tools directly into the social platform.
The new feature, named “Truth Predict,” is designed for users and allows users to engage in trading prediction contracts. These contracts are associated with various topics, including political races, which encompass elections and candidates.
Additionally, users can create predictions related to macroeconomic indicators, such as inflation and interest rates. The feature also covers commodity benchmarks, allowing users to predict trends in assets like gold and crude oil.
Once live, Truth Social is set to become the first social media network to offer built-in prediction market technology through a regulated derivatives exchange.
Remarking on the same, Devin Nunes, Chairman and CEO of Trump Media, said,
Financial tie-ins and CRO integration
This came at a time when the firm is highlighting its strengthened financial position by holding over $3 billion in assets and recording its first quarter of positive operating cash flow since going public.
Adding more information, Kris Marszalek, Co-Founder and CEO of Crypto.com, noted,
The launch will also integrate with Trump Media’s rewards system. This system allows Truth Social and Truth+ users to convert earned “Truth gems” into Cronos [CRO] to participate in prediction markets.
In fact, this builds on Trump Media’s recent CRO incentives partnership with Crypto.com and its planned CRO-focused digital asset treasury initiative with Yorkville Acquisition Corp., as interest in prediction markets continued to rise across platforms like Kalshi and Polymarket.
Impact on tokens and more
Needless to say, the announcement had notable token price movements.
For instance, the Official Trump [TRUMP] token rose to $7.68 after an 11.66% jump. Additionally, Cronos (CRRO) slipped 1.9% to $0.1493, and TrumpCoin [DJT] gained 3.34% to trade at $0.00008453, according to CoinMarketCap data.
All of this further coincided with Trump Media’s move into prediction markets as crypto is gaining greater influence in U.S. politics.
With speculation growing around private funding for Trump’s planned White House ballroom, the boundary between digital asset power and political momentum is narrowing.
Source: https://ambcrypto.com/truth-socials-3b-war-chest-meets-defi-a-new-prediction-market-era/
