1 week ago
Trump Media and Technology Group (DJT), the genitor of Truth Social linked to U.S. President Donal Trump, closed a acquisition statement with crypto speech Crypto.com that gives it 684.4 cardinal Cronos (CRO) tokens.
The $105 cardinal transaction, divided betwixt currency and stock, amounts to astir 2% of the circulating proviso of the token, the firms said in a Friday property release. Both CRO and Trump Media’s shares volition stay locked up for a acceptable period, they added.
DJT banal and CRO were some little-changed successful Friday trade.
The statement is portion of a broader concern betwixt the 2 companies that volition bring CRO into Truth Social and Truth+ arsenic a rewards feature. Trump Media said it volition store the tokens with Crypto.com’s custody work and involvement them to make further income.
Crypto.com CEO Kris Marszalek said the determination marks the opening of wider adoption efforts for CRO, portion Trump Media seat Devin Nunes called the token a "versatile utility" instrumentality for payments and transfers.
The woody follows Trump Media’s launch of a abstracted entity, Trump Media Group CRO Strategy, which is preparing to get up to 19% of CRO’s circulating proviso done a planned SPAC merger. That task aims to make a integer plus treasury focused connected stacking CRO tokens.
Trump Media is pushing deeper into concern and integer assets, revealing plans to rotation retired aggregate crypto-focused ETFs and managed concern products. The steadfast besides held $2 cardinal successful bitcoin (BTC), according to its Q2 report.
Read more: Trump Media, Crypto.com to Build $6.4B CRO Treasury Firm, CRO Jumps 25%
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