The organization that operates the social media platform Truth Social has applied to trademark the name “TruthFi” in anticipation of creating a digital currency payment service.
Trump Media and Technology Group (TMTG) is primarily owned by U.S. President-elect Donald Trump, who promised to support crypto adoption during his presidential campaign.
Trump Media to Expand Business with Digital Wallet Software
According to a recent New York Times report, TMTG plans to create a crypto and digital wallet service pending the approval of its trademark application. Details from the November 18 filing show the company is developing a platform named TruthFi, described as “downloadable computer software” to be ostensibly used as a digital wallet.
The application documents have little to no information on how the project would work or when it would launch. However, services mentioned in the filing include crypto payments, financial asset management, digital asset trading, and card payment processing.
TMTG could be looking to expand its operations beyond Truth Social, a social media network that has been living off Trump’s connection with his supporters. The entity is trying to fend off rumors sparked by a September Washington Post article that it’s struggling financially.
In August, the company announced that it had lost more than $16 million in Q2 2024 and had made less than $1 million in revenue.
President-elect Trump, the majority shareholder of Truth Social, was initially unable to sell his 114 million shares due to a lockup arrangement that began when TMTG went public in March this year through a merger.
Even though the lockup period expired in late September, Trump posted on the social media platform that he wouldn’t sell any shares and called for relevant authorities to investigate those spreading the rumors.
Trump Media shares rose nearly 2% to $30.65 following the trademark filing, pushing the company’s current value to $6.5 billion.
WLFI Tokens Yet to Reach Sales Targets
Elsewhere, token sales belonging to another Trump-fronted crypto project, World Liberty Financial (WLF), are still in low demand. The token, WLFI, is reportedly behind its revised target sales by about 32%, having sold a meager 1.35 billion tokens, or 2% of its initial goal.
While the WLF development team had promised to sell about 63 billion tokens to the public, poor performance forced them to cut the target to 35 billion.
Later, the team lowered the target further to 20 billion, with the project’s latest filing with the Securities and Exchange Commission (SEC) showing the number was dropped even more to just 2 billion.
Demand for WLFI has been slow since the launch day, with data from a Dune analytics dashboard showing that only five addresses account for almost 25% of the total token sales.
Even with Trump’s victory in the November election, only $5.74 million worth of WLFI tokens have been sold.
This could be a concern for investors, as the win has positively impacted the broader crypto market, causing surging runs that have culminated in new all-time highs for several cryptocurrencies, including Bitcoin and Solana.
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