Truth Social Empowers Users with Cronos Conversion
By: Eva Baxter
In a move poised to increase user engagement and expand the utility of digital assets, Truth Social, the media platform backed by former US President Donald Trump, has integrated crypto functionalities, allowing users to convert in-platform rewards into cryptocurrencies. The integration offers subscribers of Truth Social's premium Patriot Package the ability to earn 'Truth Gems' through user engagement on the platform. These gems can then be exchanged for Cronos tokens, adding a substantial new use case to the Cronos ecosystem.
The feature, introduced on September 9, connects Truth Social's rewards system with Crypto.com's wallet infrastructure, ensuring a seamless transaction process for converting these gems into Cronos (CRO). Crypto.com CEO Kris Marszalek spotlighted this development as a strategic win, noting how this enhances CRO utility and aligns with their objective to boost token demand through valuable partnerships. This development is expected to further solidify the alliance between Trump Media & Technology Group (TMTG) and Crypto.com.
Adding to the momentum, TMTG completed a significant business deal earlier in the month involving the purchase of 684.4 million CRO tokens, roughly worth $105 million, from Crypto.com. This extensive acquisition marks around 2% of the current circulating supply of Cronos. The partnership strategy aims to construct a robust digital asset treasury by potentially acquiring up to 19% of CRO's supply, in anticipation of launching a new entity through a planned SPAC merger. Additionally, both entities have expressed aspirations to collaborate on a series of crypto-based exchange-traded products later this year, upon securing necessary regulatory approvals.
This collaborative initiative not only underpins the increasing convergence of media platforms and cryptocurrencies but also indicates a profound commitment by TMTG to embed digital assets into their business strategy. As a result, this development is set to significantly enrich Trump's media platform while providing Crypto.com with an amplified domain to apply and diversify its token's utility.
