Singapore’s Crypto.com has inked a strategic partnership with US’s Trump Media and Technology Group Corp. following the launch of a new crypto treasury firm.
The duo said in a statement on Wednesday that the operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi has signed a mutual cooperation agreement and a purchase agreement creating a strategic partnership with Crypto.com.
According to the mutual cooperation agreement, Trump Media will introduce a rewards system on the Truth Social and Truth+ platforms that uses the Crypto.com digital wallet infrastructure and that adopts the Cronos (CRO) digital currency as a utility token.
Cronos is a high performance, interoperable blockchain designed for speed, scalability, and seamless connectivity between networks, making it a strong foundation for the future American digital economy.
It enables low-cost, high-speed smart contract deployment and smooth integration with other major blockchain ecosystems, unlocking widescale adoption of decentralized applications in finance, commerce, and public infrastructure, without the congestion or costs of legacy networks.
With its proof-of-authority consensus, robust validator set, and enterprise-grade security, Cronos delivers the performance and reliability needed to power mission-critical applications at scale.
Crypto.com is a long-time supporter of the open-source Cronos blockchain project, and has incorporated the CRO token and the Cronos protocol into various offerings provided to its customer base to provide exposure to blockchains and the benefits in how they operate in a safe, secure, and regulated environment.
Under the agreement, Trump Media will integrate the CRO token on its Truth Social and Truth+ platforms.
In a pioneering initiative, the company will partner with Crypto.com to create an updated rewards system and allow Truth Social and Truth+ users to use Crypto.com’s digital wallet infrastructure to convert gems, earned for participating in various activities across the platforms, into CRO and other benefits.
Crypto.com will provide digital wallet infrastructure that will anchor the Truth Social
rewards program.
Further planned partnership synergies include providing Truth users the ability to pay for subscriptions and services with their Crypto.com CRO balance, and providing free or discounted Truth+ subscriptions for users who open a Crypto.com account.
Both companies will co-market the Truth+ platform and the Crypto.com wallet.
Meanwhile, Trump Media will purchase approximately $105 million in CRO (685,427,004 CRO, representing about 2 percent of the total CRO market cap as of announcement) for its balance sheet and Crypto.com will purchase $50 million in shares of common stock in Trump Media, both subject to a lockup period.
Trump Media will secure its CRO with Crypto.com Custody service, which will enable Trump Media to stake it for additional revenue generation.
“After reopening the internet with a free-speech social media platform and building an uncancellable TV streaming service, Trump Media is partnering with the namesake of its industry, Crypto.com, to help make Cronos the utility token of choice around the globe,
“As the first company to widely implement CRO across social media and TV streaming platforms, Trump Media is proud to be an early adopter of this best-in-class digital network,” Trump Media’s Chief Executive Officer and Chairman Devin Nunes said.
“With its extraordinary transparency and Crypto.com’s wide array of regulatory licenses, we believe CRO is poised to become a foundational network for the next generation of
asset exchange and money transfers for a world-leading, digital-first America,” he added.
Meanwhile, Crypto.com Co-Founder and Chief Executive Officer Kris Marszalek said the firm is proud to partner with Trump Media, an innovator in digital media, to bring the utility of CRO to the Truth Social platform.
“This CRO integration is a historic moment for the Cronos blockchain and a testament to the loyal community of builders dedicated to broadening access to the benefits and opportunities of crypto,” he added.
This Trump Media-Crypto.com strategic partnership follows the announcement of a newly formed entity, Trump Media Group CRO Strategy, Inc., which has entered into a definitive agreement for a business combination with Yorkville Acquisition Corp, a special-purpose acquisition company (SPAC) sponsored by Yorkville Acquisition Sponsor LLC, to form a digital asset treasury company focused on acquisition of CRO.
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