According to Devin Nunes, the company's CEO and chairman, on Tuesday, the public media company of President Donald Trump is considering launching "utilities tokens" and "digital wallets." During Wednesday's annual shareholder meeting against Trump Media Technology Group (TMTG), Nunes wrote that the company expanded its "Patriotic American" offerings, including plans for its streaming service Truth+.
“As part of the rewards program, we are exploring the introduction of utility tokens in a real digital wallet, which can initially be used to pay for the Truth+Subscription costs and then apply it to other products and services in the Truth Ecosphere,” he said.
Although Nunes does not specify whether a “utilities token” is cryptocurrency or a “digital wallet” is based on blockchain, these terms are common in the crypto industry. Utility tokens are cryptocurrencies developers intend not only to guess using, but digital wallets are used to hold and exchange tokens.
Trump media did not immediately respond to a request for comment, asking for more details about its truth+ plan.
TMTG is a public trading company that runs Truth Social, a social media app that is a clone of X, formerly known as Twitter. Trump funded the platform after various social media sites including Twitter, including Twitter, announced it had spread misinformation and violated their terms of service.
In March 2024, TMTG, a company that holds the Truth Society, went public and quickly gained a market value of nearly $8 billion, although its revenue is poor compared to similarly noble companies. As of Wednesday night, the company was worth $5.5 billion.
In January, TMTG announced it was launching Truth.fi, FI, whose own fintech vertical plans to invest some of its cash in Bitcoin and other cryptocurrencies. It also recently announced its intention to launch its own crypto exchange-traded fund or ETF in partnership with Crypto Exchange Crypto.com.
Truth and Possible Truth+'s "utilities token" are just two products in the Trump family's growing crypto empire. There are NFT, Memecoins, a decentralized financial app called World Liberty Financial, Stablecoin, the Bitcoin mining business, and a planned real estate video game on Trump-themed.
The scope of cryptocurrencies emerges in the intimate regulatory agenda that the Trump administration enforces simultaneously. Since the 47th President took office, he has authorized the creation of strategic Bitcoin and digital asset reserves, invited cryptocurrency industry elites to the White House, promoted Stabrecaine legislation, and presided over the depreciation of the crypto-investigation department across the federal government.
This story originally appeared on fortune.com