Trump Media and Technology Group Corp., operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, announced Tuesday that it will make prediction markets available on Truth Social through an exclusive arrangement with Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse that under Singapore-based cryptocurrency firm Crypto.com.
Following the integration, Truth Social will be the first social media platform to offer its users technology to access embedded prediction markets capabilities through CDNA, Crypto.com said in a statement.
According to the statement, Truth Social users will be able to trade prediction contracts related to major events and milestones, such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil, events across all major sports leagues, and more using the new product technology called “Truth Predict”.
Prices will update in real-time, allowing users to react instantly to developments in major current events.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,
“Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions,” said Devin Nunes, Chairman and Chief Executive Officer of Trump Media.
With more than $3 billion in financial assets as of the end of the second quarter, and having posted its first quarter of positive operating cash flow after going public just last year, he said Trump Media is well-positioned to leverage its strong balance sheet and existing social media capabilities to create a new standard for access to prediction market platforms.
“For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” he added.
It is noted that the event contracts will be offered via CDNA, with the integration providing a federally compliant way to access CDNA event contracts and make predictions on the outcomes of events, including politics, economics, financials, and sports – all seamlessly woven with technology from Truth Social.
“Prediction markets are poised to be a multi-deca-billion dollar industry,
“Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform. This aligns perfectly with what users look for in social media – a community to engage with and seek truth,” said Kris Marszalek, Co-Founder and Chief Executive Officer of Crypto.com.
He noted Truth Predict will provide customers with a powerful tool related to market sentiment on an unlimited number of events.
“We are thrilled to integrate Truth Social’s truly pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading,” he added.
According to the statement, the integration will begin Beta testing live on Truth Social in the near future, followed by a full launch in the United States.
Subsequently, Trump Media plans to launch the service globally once all the requisite requirements are met.
Truth Social and Truth+ users who have Truth gems, which are earned for interacting on the platforms, will be able to convert their gems into the Cronos (CRO) digital currency and apply them to purchases of Truth Predict contracts.
This initiative between Trump Media and Crypto.com follows the recent establishment of a strategic partnership between the firms to introduce a CRO rewards system on the Truth Social and Truth+ platforms, as well as the announcement to establish Trump Media Group CRO Strategy, Inc., following a definitive agreement for a proposed business combination with Yorkville Acquisition Corp, a special-purpose acquisition company sponsored by Yorkville Acquisition Sponsor LLC, to form a digital asset treasury company focused on the acquisition of CRO.