TLDR

• Trump Media (TMTG) Registered “TruthFi” Trademark for Crypto Trading and Payment Services
• Deposit includes digital wallet, crypto payment processing and trading platform capabilities
• Trump owns a 53% majority stake in TMTG
• TMTG Reportedly in Talks to Acquire Crypto Exchange Bakkt
• Previous Trump-linked crypto businesses include World Liberty Financial DeFi platform and NFT collections

Trump Media and Technology Group (TMTG), the company behind Truth Social, filed a trademark application for “TruthFi”, indicating plans to enter the cryptocurrency and digital payments space.

The deposit, submitted to the United States Patent and Trademark Office (USPTO) on November 18, describes several potential crypto-related services.

The trademark application details plans for computer software that would function as a digital wallet and facilitate the processing of cryptocurrency payments. The filing also suggests the development of a digital asset trading platform, marking a potential expansion beyond TMTG’s current focus on social media.

According to USPTO documents, the TruthFi brand encompasses financial custody services, including maintaining possession of financial assets on behalf of others for financial management purposes.

The app also mentions market analysis and statistics capabilities for financial research.

Trump Media and Technology Group, in which former President Donald Trump holds a 53% majority stake, until now primarily operated the social media platform Truth Social.

This move into cryptocurrency services represents a potential diversification of the company’s digital offerings.

Trademark attorney Josh Gerben of Gerben Intellectual Property highlighted the implications of filing on social media platform X.

Gerben noted that the application indicates TMTG’s intention to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.

Trump Media has filed a new trademark application for:

“TruthFI”

The filing, filed Monday with the USPTO, states that Trump Media plans to offer:

1. Digital Wallets

2. Cryptocurrency Payment Processing Services

3. A digital asset trading platform#Asset #SocialTruth pic.twitter.com/24J6J8xjuC

–Josh Gerben (@JoshGerben) November 21, 2024

The process of registering a trademark could take between 12 and 18 months, depending on USPTO guidelines. The agency is currently processing applications submitted between April 17 and May 1, suggesting a long waiting period before any potential approval.

Alongside the trademark filing, reports emerged of TMTG’s potential expansion through acquisitions. According to the Financial Times, the company is in advanced discussions to purchase all of the shares of crypto exchange Bakkt, which is owned by Intercontinental Exchange.

This latest development follows other Trump-affiliated companies in the cryptocurrency space. The Trump family launched World Liberty Financial, a decentralized finance (DeFi) platform, on September 16. However, the platform’s token launch fell short of expectations, raising just over 3.4% of its $300 million target.

The former president has also been involved in the non-fungible token (NFT) market, licensing his image for several NFT collections. These digital collectibles represent another aspect of Trump’s involvement in blockchain-based technologies.

Recent market movements have coincided with these developments. Bitcoin showed upward momentum, reaching over $98,000 and approaching the $100,000 mark. These price movements occurred alongside various crypto-related announcements from entities associated with Trump.

The TruthFi trademark filing includes specific technical details about potential service offerings. The application features software projects that allow users to process electronic payments, manage digital wallets, and engage in cryptocurrency trading activities.

TMTG’s move comes at a time when digital payment solutions and cryptocurrency services are becoming increasingly common. The company’s entry into this space could potentially leverage its existing Truth Social user base.

The trademark filing provides insight into possible future revenue streams for TMTG beyond social media advertising. Digital payment processing and cryptocurrency trading typically generate revenue through transaction fees and trading commissions.

At the time of reporting, TMTG had not responded to requests for comment on the trademark filing or potential cryptocurrency services. The company’s specific plans for implementing these services remain unclear pending brand approval and official announcements.

The most recent development in this story is the November 18 trademark filing, which remains under review by the USPTO as part of its standard examination process.