New Feature for Truth Social Users
Trump Media and Technology Group Corp., the company behind Truth Social, has announced it will launch prediction markets through an exclusive collaboration with the cryptocurrency exchange Crypto.com. This move will make Truth Social the first social media platform to offer such services to its users.
The official announcement details that Truth Social will enable users to trade prediction contracts on a variety of major events. These events will include political elections, fluctuations in the inflation rate, commodity prices, and the outcomes of sports leagues, among others.
Executive Statements on the Partnership
Devin Nunes, Chairman and CEO of Trump Media, expressed enthusiasm for the new venture. He stated:
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.
Kris Marszalek, Co-Founder and CEO of Crypto.com, also shared his perspective, forecasting that prediction markets are "poised to be a multi-deca-billion dollar industry." He highlighted Crypto.com's position as one of the "most trusted providers" of these services.
Market Reaction to the News
Following the announcement, Cronos (CRO), the cryptocurrency associated with Crypto.com, experienced a significant price increase. The cryptocurrency saw a substantial pump, soaring by 10% in the hour immediately after the news broke, reaching $0.16 according to data from CoinGecko.
Previous Collaborations and CRO Investments
This is not the first time Trump Media's involvement has positively impacted CRO's price. Earlier in the year, the company generated significant attention and a price surge for CRO. In early September, Trump Media announced its intention to acquire 2% of CRO's total supply, committing over $100 million for the purchase of 685,427,004 CRO. Furthermore, Trump Media, in conjunction with Yorkville and Crypto.com, revealed plans to establish a digital asset treasury firm that would accumulate approximately 19% of the total CRO supply.