Truth Social and Crypto.com: Pioneering Prediction Markets on Social Media
In a strategic move that underscores its commitment to innovation, Truth Social, the social media platform spearheaded by President Donald Trump, is set to revolutionize the social media landscape. Through a groundbreaking partnership with the renowned crypto exchange, Crypto.com, Truth Social is on the verge of becoming the first social media company to introduce prediction markets.
Unveiling ‘Truth Predict’: A New Era for Social Media
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In a recent press release, it was announced that Truth Social users will soon have the opportunity to participate in prediction markets covering a vast array of topics. These topics include political elections, interest and inflation rate fluctuations, and commodity prices such as gold and crude oil. Additionally, users can engage with events from major sports leagues.
The innovative feature, known as “Truth Predict,” will deliver real-time price updates. This functionality allows users to swiftly react to current events, akin to the services offered by platforms like Kalshi and Polymarket, the latter of which is making a return to the US market after obtaining regulatory approval.
The Vision of Trump Media
Devin Nunes, Chairman and CEO of Trump Media, expressed his excitement about this new venture, stating, “We are elated to be the first publicly traded social media platform to provide prediction markets to our users. Truth Predict will empower our devoted users to engage in prediction markets within a secure environment, utilizing our social media platform to foster unique discussions and analyses of their predictions.”
Trump Media’s Strategic Expansion with a New CRO Treasury
The integration of event contracts will be facilitated through CDNA, ensuring a federally compliant approach for engaging in predictions related to politics, economics, finance, and sports, all seamlessly integrated with Truth Social’s robust technology.
Crypto.com’s Role in Shaping the Future
Kris Marszalek, Co-Founder and CEO of Crypto.com, highlighted the immense potential of prediction markets, stating, “Prediction markets are on the cusp of becoming a multi-billion dollar industry. Crypto.com has quickly cemented itself as a trusted provider of prediction market services, and we are thrilled to collaborate with Truth Social to offer the world’s first prediction markets accessible through a social media platform.”
The beta testing phase for this integration is anticipated to begin soon on Truth Social, with a full-scale launch in the United States to follow. Trump Media aims to expand this service globally once all necessary requirements are met.
Engagement Rewards and Future Plans
In alignment with this initiative, users of Truth Social and the Truth+ platform who earn Truth gems through their engagement will have the option to convert these gems into Crypto.com’s native token, Cronos (CRO). These tokens can then be used to purchase Truth Predict contracts.
This collaboration between Trump Media and Crypto.com is part of a broader strategic alliance aimed at introducing a CRO rewards system across the Truth Social and Truth+ platforms. Moreover, Trump Media Group is poised to establish a new CRO-focused digital asset treasury (DAT), following a definitive agreement for a proposed business combination with Yorkville Acquisition Corp, a special-purpose acquisition company (SPAC).
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